TBI Forced to Fork out Pounds 6m Fighting Unwanted Takeover

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THE AIRPORTS operator TBI piled on the agony for its shareholders yesterday by disclosing that the failed bid from the French construction company Vinci had cost it pounds 6m.

Keith Brooks, TBI's chief executive, said the bulk of the pounds 6m consisted of fees paid to its two investment bank advisers, Dresdner Kleinwort Wasserstein and Credit Lyonnais, even though the bid only lasted 27 days.

Mr Brooks sought to soften the blow by saying that he had negotiated a discount on their usual fees because the bid had not run the full 60 days. "These are the facts of life and they are the kind of sums investment banks ask you to pay," he added.

Vinci initially …