Retail entrepreneur Philip Green would not definitely walk away from a bid for M&S if the competition authorities launch and investigation. The successful high street retailer has also signalled that he will not be rushed into the next move in his potential bid for the retailer.

Green issued a statement saying his company Revival "has yet finally to determine whether, if it were to make an offer for Marks and Spencer Group and such offer were to be referred to the Competition Commission, it would still wish to pursue its interest in acquiring M&S or which, if any, undertakings it might be prepared to offer in order to secure clearance from the Office of Fair Trading or the Competition Commission."

The statement was prompted by the Takeover Panel, which sought clarification after newspaper reports quoted sources close to Green saying he would abandon a bid in the event of an investigation. Green, owner of the Bhs and Arcadia chains, has also been asked by reporters at a conference in London if he has talked to M&S investors about the level of bid they might accept.

Green said: "Not at this time," adding that he would talk to his own financial advisers first. He said: "We'll consider our position over the next few days," The City, anxious for the next instalment in what it hopes will be a long-running saga, has speculated that Green might return with a new offer M&S this week.

The support of key institutional investors will be essential if Green hopes to persuade the M&S board to recommend a higher bid. The value of his initial offer has been variously estimated at between £7.5bn and £9bn, depending in part on the value placed on the 25 per cent equity element of the offer. The City suggests Green will have to go to at least £10bn if he wants to add M&S to his empire.

Green was speaking at the Sunday Times Business Week conference.