Granada has launched a takeover bid for London Weekend Television; the bid values LWT at £600 million. The bid is the second so far following the relaxation of rules on ITV ownership; Carlton has already made a bid for Central.
The board of LWT has rejected Granada’s offer, because “it does not reflect the past performance and future prospects of the company.” The board is not recommending the offer to shareholders.
LWT believes that Granada, because it only has 20% of operating profit derived from television, has little tooffer LWT, citing LWT’s respected position in the industry, strong sales position and high operating margins.
LWT’s chairman, Sir Christopher Bland, commented, “As the UK television industry enters a new era of deregulation, the future of LWT as the largest independent ITV company…will be both exciting for the company and exciting for its shareholders.”
LWT 071 620 1620
Granada 071 734 8080.
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