Granada prepares to raise LWT cash offer
Monday 24 January 1994
It is understood that details of a revised offer have yet to be discussed but that Granada acknowledges the cash element of its pounds 735m bid has fallen further behind the shares alternative as Granada's share price has risen.
Granada's paper offer was worth 709p a share at Friday night's closing price, while the cash alternative is just 528p a share. Gerry Robinson, Granada's chief executive, will also look at including the group's final dividend as part of a sweetened offer.
Meanwhile, LWT confirmed yesterday that it would ask the Takeover Panel today to restart the bid clock, which was halted while the Office of Fair Trading deliberated on competition issues in the selling of advertising airtime.
The OFT will seek assurances from Granada this week over its advertising sales operations in the event of a successful bid. It may have to unscramble a contract under which LWT sells Yorkshire- Tyne Tees Television's airtime. Alternatively, it may suggest a deal whereby Scottish Television buys out Granada's 50 per cent interest in The Time Exchange, which sells airtime for Granada, Scottish, Grampian and Border.
Sir Christopher Bland, LWT's chairman, said: 'We want to get the bid out of the way so that we can get on with running the business and we see no reason for the thing to drag on.' He said reports of attempted 'white knight' deals with US companies were all speculation. 'We'll see Granada off on the basis of the existing financial arguments.'
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Jennifer Lawrence face palms Emma Watson at Christian Dior show in Paris
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Gingers face extinction due to climate change, scientists warn
Sustained immigration has not harmed Britons' employment, say government advisers
British jihadist calls for 'flag of Islam' over Downing Street and Buckingham Palace
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...