Carlton completing Central takeover

Carlton Communications has all but completed its agreed T760 million ($ 513. 5 million) takeover of Central Independent TV. By Tuesday’s deadline, Carlton had received acceptances from 56% of Central shareholders for its bid to add to its existing 19.1% stake in the ITV company.

Carlton’s own shareholders approved the deal Wednesday, and the company awaits approval for the merger from the Office of Fair Trading before making the bid unconditional.

Meanwhile, Granada Group’s chances of succeeding with its hostile takeover bid for London Weekend TV improved last week, when London Weekend TV’s negotiations for a defensive merger with Yorkshire Tyne Tees TV collapsed.

London Weekend TV was hoping to persuade its shareholders that a complex four-way alliance involving itself, Yorkshire, Tyne Tees and Anglia TV offered better long-term prospects than being swallowed by Granada.

The failure of the talks with Yorkshire leaves London Weekend TV to base its defense solely on the strength of its current management, and a prediction that TV stocks will become increasingly valuable as the multimedia revolution develops.

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