IF Rocco Forte was not an international hotelier he could have been an Italian heavyweight boxer, a contender, the great white hope Rocco, resting between rounds in the latest clash of corporate titans - that between Forte and the Granada TV and leisure group - came out slugging this week to land a clever combination of blows, forcing his opponent at least, temporarily to the canvas.
Granada, which has embarked on a hostile £3.3 billion sterling takeover bid for the hotel group, was rocked on its heels by a package of incentives for Forte shareholders if they reject the 338.6p a share offer.
Forte's return on fidelity includes an £800 million share buy back scheme, a 21 per rise in final dividend for last year, the promise to raise annual dividends by no less than a fifth over the next three years and a free handout of £23 worth of Savoy shares for every 100 Forte shares held.
The group pledges to buy back equity representing 20 per cent of its issued share capital at "market price" with a cap of 400p a share. Following the announcement, Forte shares jumped to 342p.
Granada's chief executive Gerry Robinson was naturally dismissive of the Forte defence packaging, describing the content as "a quick fix which fails to address the key issues". Analysts believe Granada will now have to increase its offer to around 380p. It has six days in which to consider its position.
The family run Forte hotel empire sprang from the humble beginnings of a London milk bar established by Italian immigrant Charles Forte after the second World War.
