Marks & Spencer chairman Paul Myners defended the price range of the tender to shareholders in order to head off questions about why shares would be bought back at a price lower than the one offered by Philip Green earlier this year.
Before shareholders were invited to endorse the£2.3bn share buy-back, Paul Myners explained why the tender offer was set at between 332p and 380p a share.
He told shareholders that a potential purchase of all shares by Green or anyone else was different to an effort to repurchase a proportion of equity while leaving the rest in shareholders hands.
He said: 'In the former, shareholders should receive a premium for giving up control of their company. In the latter, the Board must be mindful not to transfer the value from continuing holders to exiting holders.'
The tender offer closed at 3pm today.
Marks & Spencer expects to announce the result of the tender on 26 October.