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November 25, 1993

FERRANTI EXPLAIN THAT GEC BID IS THE ONLY WAY

By CBR Staff Writer

Ferranti International Plc repeated yesterday that GEC Plc’s current penny-per-share bid was the only route for the group, because otherwise banks would call in the receiver, and that administration, touted by some disaffected investors, was not a option, because it would be blocked by the banks, it said; the current order book is not enough to sustain it in business and a major restructuring is needed to return the firm to profitability.

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