Green may wait to see M&S plan

The bid saga surrounding retail giant Marks & Spencer continued this week following the management's swift rebuff of Philip Green's revised offer.

Green's second approach came last week with an increased cash offer of not-less-than 370p a share.

Evolution Beeson Gregory analyst Nick Bubb said it was unlikely Green would return with another proposal until M&S delivered its strategic plan on July 12. 'Until Stuart's team can come out with what they plan to do, the debate does not get very far,' he said.

However, another source close to M&S warned that Green could potentially launch another assault at short notice. He is reported to have requested a meeting with US firm Brandes, M&S's biggest shareholder.

Also this week, Rose received a potential blow to his credibility with the revelation that he bought shares in M&S after receiving a call from Green.