Philip Green has raised his proposed takeover offer for Marks & Spencer to about £9.1 billion.
The offer is equivalent to around 400p a share, eight per cent higher than his previous one of around 370p a share, but it would have to be recommended by the M&S board before becoming a formal bid.
In a statement, Green revealed that the new offer had the support of the retailer’s biggest shareholder. US-based Brandes has agreed to sell its 11.7 per cent stake in the group if he makes a formal bid.
Robert Talbot, of ISIS Asset Management, which holds M&S shares, said the new bid had a better chance of success. He said: “I think it’s an offer that shareholders would want to take seriously. But lots of shareholders will have difference of opinion as to what is the right price for them to sell.”
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