THE battle for Marks & Spencer took a new twist last night after the retailer won an injunction against potential bidder Philip Green's legal team.
The ruling at the High Court temporarily bars legal firm Freshfields from advising on Mr Greens's proposed £10bn takeover bid, which had been expected this week.
M&S argued there was a conflict of interest because Freshfields had previously worked with it and was in possession of confidential information about its business.
Freshfields has until 10.30am today to challenge the ruling by Mr Justice Lawrence Collins, which followed a private hearing during the past two days.
The judge gave his ruling in public following submissions in private. He said: "I am satisfied that there is a real or serious risk of conflict."
Granting the injunction, he said: ''I find it hard to accept that there will be no reasonably competent firm in the City able to help, although I do accept that the number of firms who are experts in corporate takeovers is relatively limited."
The challenge comes only days after M&S announced sweeping boardroom changes as it prepared to respond to the possible offer from Mr Green.
Stuart Rose was recruited as chief executive to replace Roger Holmes, who paid the price for a faltering sales performance at M&S. The move surprised analysts, who said it raised the chances of Bhs boss Mr Green having to table a hostile bid in order to land the high street retailer.
Shares in M&S have risen more than 25 per cent since Mr Green revealed an intention to bid for the retailer through investment vehicle Revival Acquisitions.
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