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Many corporate lawyers will have had a snigger at the misfortune faced by Photobition and its advisers, including Pritchard Englefield, during the printing company’s on-going £83m hostile bid for digital imaging company Wace. Photobition first had to tell shareholders that the code names – so beloved of financial advisers and others – for the two companies, ‘Pyrotechnic’ and ‘Wild’, had, because of printing problems, been mistakenly included in parts of the offer document. The takeover panel then told the company to issue a five-page correction to clarify graphs in the offer document. But given the ever-increasing size and complexity of these documents and the time pressures involved in bids, those same corporate lawyers will be thinking ‘There but for the grace of God, go I’.

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