Shares in fashion retailer Arcadia, owner of the Top Shop and Burton brands, continued to rise on Monday amid reports that BHS owner Philip Green is considering going it alone with a takeover bid.

Mr Green is reportedly seeking to raise funds which means his takeover offer won't rely on Icelandic group Baugur as a partner.

The news follows revelations last week that Baugur, which owns 20% of Arcadia, was being investigated over possible fraud.

Analysts were divided on Monday as to whether they thought Arcadia would accept the bid.

Icelandic connection on hold

Mr Green's latest offer, made last Thursday, valued Arcadia at �770m or 408p per share.

But it included a precondition that Baugur would sell him its stake and then subsequently buy some of the Arcadia brands.

It has since emerged that Baugur had been questioned by police as part of an investigation into claims of illegal gains by directors.

While Arcadia said it was awaiting clarification on Baugur's situation, newspaper reports suggested Mr Green will now raise the funds needed to buy the entire Arcadia portfolio.

This includes the Top Shop, Top Man, Dorothy Perkins, Burton, Wallis, Miss Selfridge and Evans chains.

Mixed reviews

Retail analysts were mixed on Monday on their views of the Arcadia solution.

Rhys Williams at Seymour Pierce said he believed Philip Green would have no problem in raising the necessary finance.

"He has proved to a lot of people that when they backed him in his bid for BHS he produced strong revenues for them," said Mr Williams.

And Mr Williams suggested Arcadia would do well to accept the offer.

But analysts at SG Securities said the fashion chain probably wouldn't accept it.

Analyst Nick Bubb suggested an offer price nearer 438p per share was more realistic.

Mr Green said last week that his 408p per share bid, his second offer for the group, was his last.

Arcadia shares rose a further 4% on the London stock exchange on Monday, to 379p.

They have leapt almost 120p since news of Mr Green's approach broke a month ago.