Philip green is a likeable guy and a good retailer," says Stuart Rose, who this week suddenly took over as chief executive after a boardroom rout at Marks & Spencer (M&S), an iconic British retailer which Mr Green wants to buy. The problem for Mr Green is that Mr Rose is a good retailer too, and his arrival at the struggling company, which was once admired around the world, strengthens its defences against his unwelcome takeover attempt. After much speculation, on June 3rd Mr Green made a ￡9 billion ($16.5 billion) bid. M&S'S board promptly rejected it. So Mr Green may need to offer much more if he is to succeed. The surprisingly low bid was combined with several onerous conditions. As a result, investors, who had got their hopes up, also greeted it with scepticism.
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