National Underwriter Property & Casualty-Risk & Benefits Management, August 28th, 1989
B.A.T. Argues Against Takeover
Defense Document Says Hoylake Bid Is A `Big Risk'
B.A.T. Industries has unveiled the defense platform designed to counter the $22 billion takeover bid for the London-based conglomerate proposed by Hoylake Investments Ltd., Bermuda.
The 48-page defense document was presented by Chairman Patrick Sheehy in London before Hoylake announced its intention to sell Farmers Insurance Group, B.A.T.'s Los Angeles-based U.S. insurance subsidiary, to Axa Midi Assurances of France if its bid for B.A.T. is accepted and approved by regulatory authorities. (See story starting...
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