Tycoon Philip Green has raised the stakes ahead of Marks & Spencer's annual meeting today by revealing more shareholder support for his bid to gain access to the company's accounts.

Mr Green said in a statement to the Stock Exchange yesterday that 14 per cent of shares and derivatives-holders backed his efforts to examine the company's books - a move that has been blocked by the M&S board.

This is in addition to the support for his latest proposal of 400p a share from investment bank Schroders and US-based Brandes, which is the largest shareholder in M&S with an 11.7 per cent stake.

Mr Green and M&S were last night lobbying institutional investors ahead of the annual meeting today when the direction of the takeover bid may become clearer.

The meeting in London will be the first chance for private shareholders to question the M&S board about its refusal to back the takeover approach from Mr Green.

Attention will also focus on the £2.3bn windfall for investors promised by chief executive Stuart Rose in his strategic review announced on Monday.

The review included the sale of financial services operation M&S Money for £762m, moves to generate savings of £320m and the acquisition of the per una brand.

Bhs and Arcadia owner Mr Green is urging shareholders to put pressure on the M&S board because he needs at least a week to complete due diligence, the process of examining the finances of a company to better understand the risks associated with any deal.

Funding of £11.1bn has been secured for the proposal by bid vehicle Revival Acquisitions, including up to £1.6bn of Mr Green's own money.

The entrepreneur also moved to ease concerns that the takeover would reduce competition.

"Revival is confident that it shall be in a position to satisfy all relevant regulatory bodies through making the appropriate commitments," he said.

Trustees of the M&S pension fund were urged by Mr Green to meet to discuss future cash injections that may total £785m a year.

The M&S board found some institutional backing for its campaign to persuade investors not to support Mr Green's proposal.

Standard Life Investments (SLI), which has a two per cent stake in M&S, said it had decided to reject the terms of the possible offer.

"Based on the plans outlined on July 12, and following further detailed discussions with the new management team, SLI has concluded that the proposed bid by Philip Green undervalues M&S's recovery prospects," said head of UK equities David Cumming.