LWT Condemns Granada’s Bid

LWT yesterday issued its defence document against Granada’s bid to shareholders in which it outlined 5 reasons why Granada’s offer should be rejected. The document concentrates on reasons to reject the bid rather than detailing plans of future offers from LWT.

The main criticisms of the offer were;

• LWT has a better record for delivering shareholder value.
• Granada earns half its profits in a low growth sector
• LWT does not need Granada
• LWT has a sound base and management
• LWT will be a key player in the future of television.

Sir Christopher Bland, chairman of LWT, commented that the bid by Granada was “thin and unconvincing…” with the business case for the bid “extremely weak”. He urged shareholders to reject the offer, adding that “We will be providing shareholders with a profit estimate and recommended dividend for 1993 early in the New Year.”

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