LONDON — The board of Marks & Spencer plc swiftly rejected a third — and final — bid from retail mogul Philip Green on Thursday, claiming it can do a better job of reviving the ailing company.

M&S, which is suffering from a retail identity crisis, an overweight supply chain and shrinking market share in clothing, said Green’s all-cash proposal significantly undervalues the group and its prospects. Green has offered 4 pounds, or $7.44, per share in cash, or alternatively 3.35 pounds, or $6.23, per share and a 30 percent equity stake in a new M&S business.

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