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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

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Share Price: 258.30
Bid: 258.30
Ask: 258.50
Change: 3.70 (1.45%)
Spread: 0.20 (0.077%)
Open: 254.60
High: 259.20
Low: 254.60
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UPDATE 4-Salesforce takes aim at e-commerce with $2.8 bln Demandware buy

Wed, 01st Jun 2016 21:25

* Salesforce offers $75/shr for Demandware

* Offer at premium of 56.3 pct

* High premium indicative of bidding war for Demandware -analyst

* Demandware shares jump to $74.92, Salesforce down slightly (Adds Breakingviews link, updates share prices)

By Anya George Tharakan and Kshitiz Goliya

June 1 (Reuters) - Cloud-based software maker Salesforce.comInc said on Wednesday it would buy Demandware Inc, whose software is used by businesses to run e-commercewebsites, for about $2.8 billion.

The deal would help Salesforce open a new front as it seeksto take more market share from traditional software providerssuch as Oracle Corp and SAP AG, both of whichalready offer cloud-based e-commerce services.

The e-commerce market has been growing at a blistering paceas retailers expand their online presence, boosting demand forsoftware that helps manage functions such as payment processingand inventory management.

Salesforce's cash offer of $75.00 per share represents a56.3 percent premium to Demandware's Tuesday closing.

The lofty premium indicates that multiple bidders werelikely at the table for Demandware, Stifel Nicolaus & Co analystThomas Roderick said, naming Adobe Systems Inc andOracle as the other possible contenders.

"We're not winning every deal, this is just the deal that wewere actually able to get done," Salesforce Chief Executive MarcBenioff told CNBC in an interview.

Demandware's shares, which have fallen about 21 percent inthe past year, rose 55.9 percent to $74.81 on Wednesday. Sharesof Salesforce, considered a barometer for the cloud-computingindustry, edged down 0.3 percent.

Demandware, whose customers include Lands' End Inc, L'Oreal SA and Marks and Spencer Group Plc,has reported sales growth of more than 30 percent for the last10 quarters.

"I think Salesforce has effectively already won the CRM war- they need to stay out front in terms of innovation and they doneed to have the broadest, deepest portfolio ... this was ablind spot for them," Wedbush Securities analyst Steve Koenigsaid.

Global spending on digital commerce platforms is expected togrow over 14 percent annually to about $8.5 billion by 2020,Salesforce said, citing research firm Gartner.

The deal, slated to close in Salesforce's second quarterending July, is expected to increase the company's 2017 revenueby about $100 million-$120 million.

Salesforce had forecast fiscal 2017 revenue of $8.16billion-$8.20 billion in May.

However, Salesforce said it now expected an adjusted profitof 93 cents-95 cents per share for the full year, down from itsprevious forecast of $1-$1.02.

BofA Merrill Lynch is Salesforce's financial adviser for thedeal, while Goldman Sachs is advising Demandware.

(Reporting by Anya George Tharakan and Kshitiz Goliya inBengaluru; Editing by Saumyadeb Chakrabarty and ShounakDasgupta)

More News
9 Nov 2023 15:45

DIRECTOR DEALINGS: M&S Non-Exec Potter buys GBP124,000 in shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Thursday and not separately reported by Alliance News:

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9 Nov 2023 15:45

Director dealings: M&S director snaps up 50,000 shares

(Sharecast News) - Marks & Spencer revealed on Thursday that non-executive director Cheryl Potter had acquired 50,000 ordinary shares in the FTSE 100-listed retailer.

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9 Nov 2023 09:43

LONDON BROKER RATINGS: M&S and Unilever raised but Asos cut

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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8 Nov 2023 16:53

LONDON MARKET CLOSE: Stocks mixed; Powell gives little about rates

(Alliance News) - Stock prices in London closed mixed on Wednesday, after US Federal Reserve's Jerome Powell gave little away about the future of interest rates.

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8 Nov 2023 12:08

LONDON MARKET MIDDAY: Europe muted as eyes turn to Fed's Powell

(Alliance News) - European equities largely inched into the green at midday on Wednesday, though investors awaited with caution a speech from US Federal Reserve Chair Jerome Powell this afternoon.

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8 Nov 2023 08:48

LONDON MARKET OPEN: M&S impresses but ITV slumps on tepid ad revenue

(Alliance News) - Stock prices in Europe opened mixed on Wednesday, with equities struggling to push on with hawkish words from US central bankers hurting enthusiasm.

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8 Nov 2023 08:35

TOP NEWS: Marks & Spencer cautiously optimistic as profit jumps

(Alliance News) - Marks & Spencer Group PLC on Wednesday reported improved interim results and early signs suggest the clothing, home and food retailer will enjoy a robust Christmas.

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8 Nov 2023 07:45

LONDON BRIEFING: M&S profit surges; JD Wetherspoon upping investment

(Alliance News) - London's FTSE 100 is called to open lower on Wednesday, with equities on the back foot after more hawkish comments from a US central banker.

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8 Nov 2023 07:01

M&S cautious on H2 despite 52% jump in interim profit; Divi restored

(Sharecast News) - UK retailer Marks & Spencer on Wednesday reinstated its dividend and delivered a 56.2% rise in first-half profits, but warned sounded a note of caution about future trade in the run in to Christmas citing higher interest rates, weather and geopolitical events.

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7 Nov 2023 12:07

LONDON MARKET MIDDAY: Housebuilders and retail up, miners and oil down

(Alliance News) - European equities were mixed heading into Tuesday afternoon, with weaker China data and doubts over the US interest rate outlook weighing on the mood.

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3 Nov 2023 11:52

Bangladesh protests halt production for top fashion brands - union

(Alliance News) - Levi's and H&M are among top global clothing brands to suffer production halts in Bangladesh, a garment union leader said Friday, after days of violent protests by workers demanding a near-tripling of their wages.

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1 Nov 2023 16:52

LONDON MARKET CLOSE: Stocks prosper ahead of central bank rate calls

(Alliance News) - Stocks in London took their lead from a positive start on Wall Street to close higher as investors prepare for interest rate decisions in the UK and US.

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1 Nov 2023 16:35

London close: Stocks rise ahead of US Fed policy decision

(Sharecast News) - London's stock market finished in positive territory on Wednesday, with investors keeping a keen eye on the upcoming policy announcement from the US Federal Reserve.

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1 Nov 2023 15:44

UK earnings, trading statements calendar - next 7 days

Thursday 2 November 
BT Group PLCHalf Year Results
Derwent London PLCTrading Statement
Entain PLCTrading Statement
Haleon PLCQ3 Results
Helios Towers PLCQ3 Results
Hikma Pharmaceuticals PLCTrading Statement
Howden Joinery Group PLCTrading Statement
J Sainsbury PLCHalf Year Results
Kin & Carta PLCFull Year Results
OSB Group PLCTrading Statement
Shell PLCQ3 Results
Smith & Nephew PLCQ3 Results
TI Fluid Systems PLCTrading Statement
Trainline PLCHalf Year Results
Friday 3 November 
no events scheduled 
Monday 6 November 
Kingspan Group PLCTrading Statement
Kosmos Energy LtdQ3 Results
Ryanair Holdings PLCHalf Year Results
Tuesday 7 November 
Associated British Foods PLCFull Year Results
Beazley PLCQ3 Results
Direct Line Insurance Group PLCTrading Statement
dotdigital Group PLCFull Year Results
IWG PLCQ3 Results
Persimmon PLCTrading Statement
RS Group PLCHalf Year Results
Vaalco Energy IncQ3 Results
Watches of Switzerland Group PLCTrading Statement
Wednesday 8 November 
Conduit Holdings LtdQ3 Results
ITV PLCTrading Statement
JD Wetherspoon PLCQ1 Results
Marks & Spencer Group PLCHalf Year Results
MaxCyte IncQ3 Results
Secure Trust Bank PLCTrading Statement
Smiths News PLCFull Year Results
Time Out Group PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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27 Oct 2023 09:30

LONDON BROKER RATINGS: UBS says buy SJP; JPMorgan raises Trainline

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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