'The City has been crying out for Rose to become CEO. It is tempting to believe that investors will take the 'safer' option and go with Rose.
The ironic thing is that the safer option may not be Rose if Green comes in with a firm and attractive offer that investors can realise today, while retaining some of the upside for tomorrow.'
'M&S has given its shareholders a credible alternative to selling to Green. At the very worst, this must force a higher price if or when Green does make a formal approach.'
'Shareholders will have to choose between the adjusted status quo or an adventurous cash and share offer, should it appear. Whichever 'jockey' they select, life will not be quite the same again for Vittorio or George Davies.'
'Were Green to take control of M&S, it would leave him personally very stretched.
He would have to parachute in a sizeable team of key appointees, rather than a few trusted lieutenants in the way he did so successfully with Bhs.'
'Rose offers the capability to turn Marks & Spencer around, whereas we had been sceptical of the previous management team. If investors share our view, then Green's approach must offer a significant premium to have any chance of success.'
'We do not believe the combined market shares of Revival and Arcadia/Bhs would prevent a takeover, being still less than 20 per cent in the UK. We do not believe a disposal of the food retail business is an option, given the synergies.'