Mr Philip Green is attempting to win over Marks & Spencer shareholders as the clock ticks down on his £9.1 billion takeover approach and investors digest M&S's bid defence.
Although Britain's takeover panel has given Mr Green's bid vehicle Revival until August 6th to make a formal offer, the Retail tycoon, who owns Bhs department stores and the Arcadia group, needs to examine the M&S management accounts before that.
Mr Green, who has said he will neither raise his 400 pence per share bid nor go hostile, set himself a 48-hour deadline yesterday for persuading top investors to pressure the M&S board under chief executive Mr Stuart Rose into allowing him to perform due diligence before committing himself unconditionally.
"Given that they need to perform 'desktop' due diligence, they're right up against it timing-wise," the source said.
Mr Green has enlisted conditional support for his offer from major M&S shareholders such as Brandes Investment Partners, with 11.7 per cent of Marks & Spencer shares, and Schroder Investment Management with 1.2 per cent .
In all, Revival says it commands the support of 22.6 per cent of the shareholder base - but this is contingent on the recommendation of the M&S board, which sources close to Britain's top clothing retailer say is no closer now than it was when the board rebuffed Green's three separate offers.
M&S is to host its annual general meeting in London tomorrow, and although it could be a colourful affair the future of the company will be decided behind the scenes. Mr Green is not expected to attend.