UK retail entrepreneur Philip Green has launched a £9bn (US$16.5bn) bid for UK food and clothing retailer Marks & Spencer.

Green, who owns clothing retailers Bhs and Arcadia, said he would pay between 290 and 310 pence per share in cash plus a 25% share in a new M&S holding company.

Analysts estimated the value of the offer to be around £9bn, which may not be enough to secure the recommendation of M&S’s board.

Green said the offer would be depend on several conditions, including information about latest trading figures, funding of the company’s pension scheme and spending commitments, reported Reuters.