Billionaire retail entrepreneur Philip Green on Thursday launched an £850 million bid for  the Arcadia group, owner of leading high street chains including Top Shop, Wallis and Miss Selfridge. The Bhs chief's offer of 408p a share eclipses his first £690m, or 365p a share, bid earlier this month which Arcadia rejected as too little. His latest offer sent the group's shares soaring to more than 10 per cent to 390p in early trade today.