Today Granada has issued its final offer for LWT, following a meeting last night between the Chairmen and Chief Executives of the two companies, where Granada tried to get a board recommendation for the new offer. The bid was not approved so today’s final offer is made direct to LWT shareholders.
The final offer values LWT’s capital at £776m, and LWT shares at 750p each. This is an increase of 29.2% on the original offer on December 6. For every 10 LWT shares, 13 new Granada shares and 100p in cash is being offered.
The deadline for acceptances is 3.00pm on Friday 25th February.
Alex Bernstein, Chairman of Granada, commented, “We are obviously disappointed that having evidently accepted the commercial arguments in favour of scale, the Board of LWT has not been able to recommend what is, by any standards, a generous offer”.
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