'Rocco has lost everything his father built.' (Granada succeeds in hostile takeover bid for Forte)

Article Abstract:

Granada's success in its 3.8 billion pounds sterling takeover bid for Forte means that the latter company will lose its independence after 50 years. Observers believe that this has caused great distress to Lord Forte, now aged 87, who built up the hotel and restaurant chain and was looking for it to expand under Sir Rocco Forte, his son. Sir Rocco Forte is now being widely criticised for having been unable to defend the company against Granada's hostile bid.

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MAM swings the battle to Granada: fatal blow to Forte underlines immense power of the funds

Article Abstract:

The decision by Mercury Asset Management (MAM) to tender its 14% stake in Forte to Granada proved the final blow in Forte's efforts to fight off the hostile takeover bid from Granada. MAM's move was followed by a number of other fund managers which had until then been undecided, and eventually more than 90% of fund managers accepted the bid for Forte. This case highlights the great power which fund managers now hold.

Management, Mercury Asset Management PLC

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