The hostile takeover process:: A case study of Granada versus Forte

Bill Neale, Tony Milsom, Carl Hills and Jane Sharples

European Management Journal, 1998, vol. 16, issue 2, 230-241

Abstract: This paper presents an analysis, in case-study form, of the hostile bid in 1995 by Granada Group plc, the leisure services conglomerate, for Forte plc, the hotel and restaurant operator. Completed in early 1996, this episode provides a rich illustration of the key elements of the take-over process - motivation and strategy of the bidder, valuation of the target and defence tactics employed by the defending management. In addition, it highlights the role of the central personalities in the process.

Date: 1998
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