The UK Office of Fair Trading today [Tuesday] confirmed that retail entrepreneur Philip Green has submitted his bid proposal to takeover the Safeway chain of supermarkets.

Seen as one of the more likely candidates to succeed in acquiring Safeway, Green becomes the fifth potential bidder to submit a proposal to the OFT. He will make a cash offer through his firm Trackdean, reported Reuters. His proposal was sent to the OFT by email last night.

The OFT is currently considering which, if any, bids to refer to the Competition Commission for closer investigation. The initial deadline for the OFT to decide on this is 18 March but we are likely to see this extended as the number of proposals rises.

At least six parties are seriously interested in acquiring Safeway.