Billionaire retail entrepreneur Philip Green said on Thursday his £770 million pound bid for fashion giant Arcadia Plc was no longer conditional on arrangements with its principal shareholder, Icelandic retailer Baugur.

Green revealed his 408p per share offer was not dependent on arrangements with Baugur which included an agreement for it to acquire three of Arcadia's chains from him, including TopShop, Top Man and Miss Selfridge.

Taveta Investments Limited, Green's acquisition vehicle, said if its Arcadia offer is successful, it will hold talks with Baugur over the banners it wants to buy but will sell them through a competitive process.

In a statement on Thursday, Arcadia said it notes the announcement by Taveta and the board will meet shortly to consider its response.