11.   But others have been forced to take on heavy debts to fight off hostile bids.

12.   For example, if the sale is a demerger or unbundling process used to counter a hostile bid, timing will be critical.

13.   However, because a Court Scheme requires the co-operation of the target it is not a viable alternative to a hostile bid.

14.   The announcement of the proposed merger will bring both companies into play and make them vulnerable to a hostile bid.

15.   This may make the offeror itself vulnerable to a hostile takeover bid in due course.

16.   In a hostile bid, very little will be forthcoming.

17.   The hostile bid has infuriated board members of the Dowty group, who claim that their company is being underpriced.

18.   When TI announced its hostile bid, the company claimed it would be good news for Dowty shareholders.

19.   A brewery which fought off a hostile takeover bid last year has announced record profits.

20.   Dowty shareholders must decide by noon whether to accept or reject a hostile bid from the engineering firm TI.