City File: Savoy acts to shut the door on Forte

EXECUTIVES at Savoy Group have a jauntier air these days, possibly because they believe the luxury hotel group may at last be in a position to rebuff any bid move from Forte. Heading the list of anti-Forte measures is the likely placing of a crucial block of Savoy shares, previously held by the St Anselm property group and now in the hands of the receiver, with a friendly buyer. Also, they claim, Forte has grossly undervalued Savoy and would have difficulty mounting a credible campaign.