Marks & Spencer is reported to be ready to reject retail tycoon Philip Green's final £9.1 billion cash offer because it believes the bid undervalues the company.
Sources quoted by the Reuters news agency said M&S would ask shareholders to wait until chief executive Stuart Rose presented his turnaround plan for the company on Monday.
Earlier, billionaire Green raised his bid for the UK's biggest clothing retailer for the third time, saying he would pay 400p per share in cash, but only if the board recommended his offer.
He said the offer would be his last unless a rival bid was made. M&S has declined to comment but is set to issue a statement later after a board meeting.
In a statement to the London Stock Exchange, Mr Green stepped up the pressure on M&S by revealing the new offer has the support of its biggest shareholder. US-based Brandes has agreed to sell its 11.7% stake in M&S if he makes a formal bid.
