Retail tycoon Philip Green has been set one-month deadline to launch a formal bid for Marks & Spencer, it emerged today.
Takeover chiefs have told the billionaire entrepreneur that he must unveil a formal offer for M&S by noon on August 6.
Failure to do so would rule Mr Green out of bidding for the retailer for the next six months.
Mr Green is willing to pay £8.4 billion to take over the retailer but has made a formal offer conditional on the support of the M&S board.
His overtures have twice been rejected by M&S, which says the proposal significantly undervalues the group and its prospects.
The battle for control of the retailer began on May 27 when Mr Green announced an intention to make a possible offer through bid vehicle Revival Acquisitions.
Today's move is aimed at lifting uncertainty from the retailer that could otherwise drag on for months.
In a statement to the stock market, the Takeover Panel said both M&S and Mr Green had agreed to the decision.
"No extension to the deadline will be granted, except with the consent of panel executive," it said.
Tuesday July 06, 2004
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