Takeover Panel bars three investors from UK market
The UK Takeover Panel has effectively banned South African investor Brian Myerson from dealing in the UK investment market for three years with what is known as the "cold shoulder" ruling. Myerson, and two other investors, were found guilty by the Takeover Panel in relation to a bid to take control of the Principle Capital Investment Trust in March last year. The allegation made by the Takeover Panel is in relation to the three investors acting together to take effective control of the investment trust without making an offer to other shareholders. It has to be noted that Brian Myerson has refuted the claims and is taking further legal advice.
A "cold shoulder" ruling is effectively an unofficial way of barring any one person or any one party from dealing in the UK arena by banning authorised FSA companies and individuals from dealing with the party or the person. While these rulings are not uncommon it was interesting to see that there is some debate as to whether the Takeover Panel exceeded its authority in announcing the ruling. It would appear that this is not the end of the matter and it could actually end up in the European Courts.
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