Green reveals more support for M&S bid

Tycoon Philip Green today raised the stakes ahead of Marks & Spencer’s annual meeting by revealing more support for the retailer to open its books.

Mr Green said in a statement to the Stock Exchange in London that 14% of holders of shares and derivatives backed his efforts to complete due diligence – a move that has been blocked by the M&S board.

This is in addition to the support for his latest proposal of 400p a share from investment bank Schroders and US-based Brandes, which is the largest shareholder in M&S with an 11.7% stake.

Both Mr Green and M&S are thought to be lobbying institutional investors ahead of the annual meeting tomorrow when the direction of the long-running takeover saga could become clearer.

The meeting in London will be the first chance for private shareholders to question the M&S board on its refusal to back the takeover approach from Mr Green.