It is beginning to look as if Plessey Co has been conclusively out-manoeuvred by Lord Weinstock and GEC Plc if press reports that GEC is demanding first refusal on the proposed 50% stake in GEC-Plessey Telecommunications in the event of a successful bid for Plessey are true: the rest of Plessey is seen as vulnerable to a takeover bid un-til it can strengthen its base with a major acquisition, but in the ev-ent of a hostile bid, Plessey might well see GEC as an off-white knight; at all events, Plessey’s future will soon be inextricably tied to GEC to approaching the same extent as if last year’s bid had not been blocked by the government.
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