Takeover Panel Gives The Cold Shoulder

Takeover Panel gives the cold shoulder

In a very rare decision, the Takeover Panel has published a statement on its website requiring all firms and advisers regulated by the Financial Conduct Authority to "cold-shoulder" two individuals for systematically making dishonest and false representations to the Panel during its investigations into potential breaches of The City Code on Takeovers and Mergers (the Code).  Cold-shouldering is the most severe form of sanction available to the Panel and this is only the third time in its history that it has exercised this power. The effect of a cold-shoulder order is that no entity or professional adviser regulated by the Financial Conduct Authority may act for the individuals concerned on any transactions that are governed by the Code.