Green’s £9.1bn bid raises takeover heat

TYCOON Philip Green turned up the heat on Marks & Spencer yesterday by increasing his proposed takeover offer to £9.1 billion and securing the support of its largest investor.

Mr Green said he expected other M&S investors to follow US-based Brandes, which has an 11.7% stake, in accepting his “final proposal” to pay 400p for each of the company’s shares.

The Bhs and Arcadia owner said: “Brandes knows more than anybody else where this company has been over the past four years and this is the right value.”