Retail billionaire Mr Philip Green is considering a takeover approach for Marks and Spencer, it was announced today.
The owner of Arcadia and BHS said he planned to make a takeover approach in the next few days and would seek the backing of the M&S board.
A price was not mentioned in a brief announcement to the London Stock Exchange but M&S shares climbed more than 20 per cent, giving it a value of stg£9.7 billion.
Any offer would be through Revival Acquisitions - a company owned by Mr Green and members of his family.
"Revival intends to approach the board of Marks & Spencer in the next few days with its proposal and to seek a recommendation," it said in a statement.
"Any proposal would involve a mixture of cash and shares in a new company which would seek a listing. There can be no assurance that any offer will be made."
The possible offer comes just two days after M&S said its share of the clothing market had declined by 0.2% in the year to April 3.
Bottom-line profits were #781.6 million - well short of the #1.2 billion made by the retailer in its heyday in 1998.
PA