Green now poised for Arcadia bid

PHILIP Green, boss of stores group Bhs, is hoping to table a persuasive bid for clothes retailer Arcadia today, despite snags with Icelandic partner Baugur.

Green reckons he can allay Arcadia's concerns about financing the 408p offer, worth some £850m. If so, Arcadia's board is expected to approve the deal. Arcadia chief executive Stuart Rose is in line to make £23m from his options if the deal goes ahead.

Green will emerge as the leading High Street retailer, holding brands such as Burton, Dorothy Perkins and Wallis. He would like to sell Arcadia's Top Shop and Miss Selfridge brands to Baugur, which owns 20% of Arcadia.

Some Arcadia shareholders want the board to hold out for more money. Arcadia's shares, down 1 1/4p to 377 1/4p, have soared from 50p since Rose took the helm in November 2000.