“Cold shoulder” by Takeover Panel

The Takeover Panel has issued a formal statement to the effect that Brian Myerson and two others are persons who, in the opinion of the Hearings Committee of the Takeover Panel, are not likely to comply with The City Code on Takeovers and Mergers (Code) and that such a statement should remain effective for 3 years. Such a cold shoulder statement has been described as the City equivalent of an “Asbo” and it effectively bars the three from any takeover-related activity, including buying or selling shares during a live takeover period. It is only the second instance of such a statement being issued by the Takeover Panel since it was established in 1968.

The Hearings Committee concluded that shares had been acquired by a concert party acting on the direction of Mr Myerson in a deliberate attempt to circumvent certain requirements of the Code.  The Hearings Committee also found that key facts had been concealed from the Takeover Panel. 

Mr Myerson  is currently considering an appeal to the European courts.