City File: T Cowie's takeover bid for Henlys heads for close finish

T COWIE'S takeover bid for Henlys is heading for a close finish on Tuesday. Cowie, for all its corporate might, has found it a tough task to topple the financially wounded Henlys, hindered by bungling rearguard action by Noble Grossart, its financial adviser.

Cowie should have wrapped this bid up long ago. However, the value of its all-paper terms has been depressed and its arguments of synergy for the enlarged group have lacked conviction.

While Henlys might be better off under Cowie's wing, it still has the capacity to make it as an independent company under its renconstituted board of directors. Stay with Henlys.