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The case traces the development of John Waddington PLC from its inception in 1905, for painting theatre posters and associated printing matter, to the end of 1987. At this time, the company comprised the integrated businesses of printing and packaging, plastic packaging, business forms, security printing and board games. The major emphasis of the case is the successful defence by John Waddington PLC against aggressive takeover bids by Norton Opax, and twice by the British Printing & Communication Corporation led by Robert Maxwell. The case contains a history of the three takeover attempts, full details of the final bid by BPCC (including summaries of bid and defence documents), and details of the trading activities and financial histories of the three companies involved. The case allows students to assess the strategic development of John Waddington and to evaluate the bids.