LWT (Holdings) Plc, the London weekend television franchise holder formally rejected the six-for-five hostile share exchange offer launched by Granada Group Plc, which values LWT at about 580 pence per share or UKP600m, but the market expected a higher bid and LWT shares were trading at 588 pence yesterday. Granada, which is offering a cash alternative of 528 pence, already has about 18% of LWT. The bid follows Carlton Communications Plc’s UKP624m agreed bid for Central Independent Television Plc. LWT’s best defence would probably be to bid for another independent television franchise holder, since under proposed new rules no company may hold more than two franchises; it holds 14% of Yorkshire-Tyne Tees Plc, but that may count as two franchises. Granada brought forward its year-end figures with the bid.