British retail entrepreneur Philip Green has said he is considering launching a takeover bid for UK food and clothing retailer Marks & Spencer.

Billionaire Green, who owns clothing retailers Bhs and Arcadia, plans to approach Marks & Spencer’s board within the next few days with an offer, reported the Financial Times.

Analysts believe Green’s bid would have to be between £8bn and £10bn (US$18.3bn) to secure a recommendation from the board, the newspaper said.

Green issued a short statement saying he and his family were considering making a bid for M&S through an acquisition vehicle named Revival Acquisitions. The move boosted shares in Marks & Spencer, which has been struggling to improve its sales in recent years.