The new bid would see the retail entrepreneur add £1bn onto his current offer.
The Green camp admits that last week’s bid was no more than a sighting shot, implying there was always the intention to up the ante in the absence of a shock decision by the M&S board to approve the initial approach.
One point that has been resolved to the satisfaction of Green’s team is that the majority of institutional shareholders in the retailer would prefer straight cash, ahead of a mixture of cash and shares in a newly created company controlled by Green.
This is expected to win more votes of the retail group’s 350,000 individual shareholders, who together own 20 per cent of the company.
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