The Takeover Panel has reportedly reprimanded Standard Life for breaching takeover rules in its announcements regarding a possible offer for Resolution.
Last night the Panel released a statement claiming the insurer breached Rule 19.3: “An offeror must not make a statement to the effect that it may improve its offer without committing itself to doing so and specifying the improvement”. Standard Life earlier yesterday indicated it was exploring a number of options for restructuring its proposed Resolution offer, perhaps by proceeding as a takeover rather than a scheme of arrangement. Standard Life told the Panel Executive it is not certain whether it will ultimately be able to restructure its offer. Reports suggest Standard Life will n...
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