UK Takeover Panel raps Rothschild for rule breaches in BT buy of PlusNet |
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Published
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Mon, 12 Feb 2007 12:40
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LONDON (AFX) - The UK's Takeover Panel criticised British Telecommunications PLC's financial adviser N M Rothschild & Sons Ltd for failing to prevent breaches of Rules 9.1 and 7.1 of the Takeover Code in connection with the purchase of PlusNet PLC's shares on Nov 21.The Takeover Panel said in a statement of public criticism that it finds it unacceptable that Rule 9 should have been overlooked and that an offeror was not prevented from inadvertently triggering a mandatory offer obligation.On Nov 16, British Telecom made a recommended cash offer for PlusNet at 210 pence a share and bought 32.4 pct of PlusNet shares through subsequent purchases, representing 32.4 pct of votes of PlusNet, inadvertently triggering a Rule 9 obligation for BT to make an offer for the rest of the share capital of PlusNet.BT lowered its holding in PlusNet to less than 30 pct after the Takeover Panel Executive agreed not to require BT to conform its offer with Rule 9.1, following representations from Rothschild and discussions with the financial adviser to PlusNet.newsdesk@afxnews.comrda/nesCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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NASDAQ
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1316.12 |
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BT declares Plusnet deal unconditional 