As the various suitors face off in an effort to secure what remains of Eircom, they might pay heed to a report this week that casts doubt on the wisdom of hostile takeovers.

The report analysed the aggressive and bitter battle for Forte won by Irish-born Gerry Robinson's Granada, which has subsequently broken up the group. The recent sale of the Meridien hotel chain, including the Shelbourne Hotel, closes a turbulent chapter for the group - but was it worth it? Hardly, according to the study.

Taking account of the income from disposals and the value of the parts of Forte that remain within the Granada group, it found the total value of the £5.317 billion sterling (€8.86 billion) deal to Granada shareholders was a mere £10 million. That's a lot less than the £300 million made by the Forte family or the £250 million odd secured by advisers and underwriters.

Whether that will deter the giants of Irish business vying for Eircom has yet to be determined. The shareholders, still nursing sizeable losses on their investment, will be hoping for once to be on the right side of a deal.