Mercury Asset Management, LWT’s biggest institutional shareholder with 14%, has accepted Granada’s cash and share offer. This means that Granada now has acceptances for 42.2% of LWT. MAM’s verdict was seen as particularly significant as it also holds 16% of Granada, and in effect had to choose between the two managements.
The bid deadline is 3pm today, and Granada look poised to win. A spokesperson for Granada said, “Arithmetically we could still fail to do it, but the chances must be extremely thin”.
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