TELEVISION and leisure group Granada yesterday snapped up 9.2 per cent of the shares of its bid target, British hotels group, Forte. This was 0.7 per cent less than its full entitlement under Takeover Panel rules.
Forte, seeking to fight off a hostile £3.88 billion sterling takeover bid from Granada, said the move smacked of desperation and added that it was confident it would maintain its independence.
Granada said it had made the purchases through an associate company, Allquiet Trading Ltd, and share analysts said that its chances of victory appeared brighter by the day.
The closing date for Granada's bid in Britain's biggest takeover battle of recent years is January 23rd.
Broker ABN Amro Hoare Govett said on Tuesday it was buying the shares with fellow broker BZW. The shares were bought at 384p a share, above the market price.
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