However, analysts said the emergence of a friendly bidder was unlikely.

While Sterling vowed to resist, hostile takeover attempts always attract friendly bidders, eager to be of help but only if invited.

After Banca Commerciale withdrew its offer, Irving's management immediately said it would seek to find another friendly bidder.

They said fund managers were probably holding onto their Fisons shares while they waited to see whether the British company would announce a countermove, such as finding a friendly bidder or announcing a major corporate alliance.

The Bank of New York began a $60-a-share offer of cash and securities last week but Irving has called the offer inadequate and indicated last week that it was seeking a friendly bidder.

Many professionals had speculated that after a hostile offer, a friendly bidder would enter the drama to rescue Time.

Analysts said Kenner Parker was probably considering several options, including a management buyout, finding another friendly bidder, buying back stock or restructuring the company.

In such cases, he added, nearly all of the target companies give in to such offers, which mostly come from friendly bidders.

Tactical Error Seen Some publishing analysts suggested that Collins had made a tactical error when it decided to recommend an offer by a friendly bidder.

Guinness Peat's chairman, Alastair Morton, had invited Mr. Maxwell into the fray as a friendly bidder, hoping to deter Equiticorp's advances.