Is Philip Green the right man to take over at Marks & Spencer?

Philip Green's eye for detail and knowledge of how a modern retailer can work efficiently make him an ideal candidate to get M&S working smoothly again.

However, one of Mr Green's secret weapons is his ability to take quick decisions and keep a very close eye on every aspect of his business. There are concerns that his other interests, which include running M&S's slightly more down market rival, Bhs, and Arcadia, the group which includes TopShop and Dorothy Perkins, will mean that Mr Green will not be able to give them all the same kind of attention.

Also, Mr Green has no experience of running a food retailer. Although his close friend Allan Leighton, who is working on the takeover team, used to work for Asda, Mr Green has given little idea of what his plans are for the this side of the business.

Is the deal outlined this morning a good one for shareholders?

Institutional shareholders have said that they will not part with their shares for less than 400p per share.

Today's proposal from Mr Green outlines plans for a bid of up to 310p in cash plus shares in 25 per cent of the Mr Green's new company, Revival.

Analysts say that the equity portion of the deal is difficult to value but analysts estimate that it is worth between 23p and 55p a share. That would make the total value of Mr Green's proposed bid a maximum 365p.

Many shareholders believe that shares in a small portion of a virtually private company run by Mr Green will not be worth as much as a shares in a public company because investors will be put off by their lack of control.

Why has Mr Green said he will only go ahead if he gains the backing of the M&S board?

He probably needs the board's approval to help secure the funds required from financial backers.

Also, launching a full bid would cost Mr Green dear even in advisory and banking costs and he is unlikely to want to pay those fees without the knowledge that his bid has a strong chance of success. The board's recommendation improves his chances of shareholders accepting his offer.

Why does he appear to be so interested in George Davies's role at M&S?

George Davies's Per Una range of clothing is believed to be one of the best performing clothing ranges within M&S, although the company keeps its trading figures tightly confidential. Mr Green is likely to want to run this part of the business himself. He wants to know how much it will cost him to buy Mr Davies out of his contract.

What would you expect Mr Green do to Marks & Spencer clothes and stores stores if he took over?

One of Mr Green's key strengths is the way he works with clothing suppliers to ensure he gets what people really want to buy into his shops as quickly and efficiently as possible.

He works almost entirely with overseas manufacturers who deliver straight into his own warehouses in the UK. Their rapid reactions to new trends mean that he does not have to keep cutting prices on clothes that nobody wants.

Marks & Spencer relies more on traditional manufacturers with big, expensive UK operations. They can take at least three times as long, more than three months, to get a new garment from the factory to the shop floor.

Mr Green is likely to sharpen up Marks & Spencer's supply chain so that it can respond more quickly to what people are buying. This would allow M&S to lower prices considerably but would leave it less reliant on seasonal sales.

Mr Green has also said he will consider bringing back the St Michael brand and may ditch M&S' more marginal ideas such as Per Una Due, the clothing range aimed at teenagers.

What now for Marks & Spencer?

Mr Green and investors must now wait to see how the M&S board responds to the bid proposals and Mr Green's five questions.