July 14, 2004: After months of wrangling with managers of Marks & Spencer plc, British financier Phillip Green abandoned his unsolicited bid for the venerable British department store chain. In retrospect, Green's bid helped wake up the chain's management who tried to renovate its stores and revitalize its offerings. In addition, it exited non-core businesses like its credit card unit, which was sold to HSBC plc, and its New Jersey-based grocery chain Kings Super Markets, which was sold to a buyout firm for $61.5 million. Now the company is back in the black thanks to the turnaround that Green prompted.—Matthew Wurtzel
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