M&S moves to defeat £9.1bn bid

MARKS & SPENCER was last night waiting to discover whether it has done enough to defeat a potential £9.1 billion (€13.6 billion) offer from tycoon Philip Green.

The retailer unveiled a blueprint for the future that included a £2.3 billion (€3.45bn) windfall for shareholders and the sale of its financial services arm.

Chief executive Stuart Rose pledged to go back to basics after admitting M&S had "neglected, confused and disappointed" its core customers.