LWT Publishes Defence Document

LWT yesterday issued a document explaining why shareholders should reject Granada’s revised offer. Christopher Bland, LWT chairman, said “The revised offer fails to reflect not only the level of our 1993 earnings, but also the earnings which we are confident we can achieve in the future.” Bland points out that the offer is significantly lower than that offered by Carlton for Central and MAI for Anglia.

As well as stating that the offer is too low the document suggests there are few savings to be obtained through a merger with Granada and that LWT is already big enough where it matters to compete successfully in the new deregulated ITV.