OTHER NEWS - Jan. 3, 1996

Forte Unveils Final Takeover Defense: The London-based hotel firm, hoping to thwart a hostile takeover offer from Granada Group, tried to woo shareholders by promising a big stock buyback, higher dividends and a better-focused company. The aggressive moves were a surprise to many analysts and helped push Forte’s stock 3.7% higher to $5.32 per share, well ahead of Granada’s offer, which is valued at about $5.04. Granada has until Tuesday to decide whether to raise its bid. If not, Forte shareholders have until Jan. 23 to decide whether to accept. Granada’s $4.96-billion offer of stock and cash valued Forte at $5.25 a share when it was launched, but the value has dropped because Granada’s share price has fallen. Granada said figures show that Forte is making a poor return on its assets.