Slightly ajar

One of the reasons buyout firms rarely made hostile bids in the past was that their banks wouldn’t wear it. Lenders jibbed at advancing large sums unless the bidder had the approval of the target’s board and they could conduct some detailed due diligence. But are these standards slipping? There’s hardly been a wave of hostile buyout bids in Europe. But what with TPG’s hostile buyout of British Vita in 2005, and Ferrovial’s bear hug of BAA, the level of hostility has been ratcheting up. Now Apax...