But within hours of the bid being announced, it was thrown into doubt when the police raided the premises of Baugur, an Icelandic company pledged to support Green's bid.
Baugur is the biggest shareholder in Arcadia, which owns the Top Shop, Top Man, Miss Selfridge, Burton, Dorothy Perkins, Wallis and Evans brands. But the Icelandic company is being investigated for fraud, allegations the company has denied.
Green has also denied the investigation will deter his bid. If the offer is successful, Green plans to sell the 557 stores in the Top Shop, Top Man and Miss Selfridge brands to Baugur. That would leave Green with a portfolio of 1,514 outlets. But if the Arcadia group is kept intact Green would become the owner of a women's retailer bigger than Marks & Spencer.
The entrepreneur has made his fortune buying ailing retailers and asset-stripping them with innovative property deals. He is expected to do likewise with Arcadia. Head of the list is likely to be Top Shop's flagship store in Oxford Street.
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