6 Jul 2009

Takeover breach caused no direct harm, rules panel

1:42 pm on 6 July 2009

The Takeovers Panel has decided a rule breach by Knott Partners during its takeover offer for investment company Rubicon was inadvertent, and it will not seek any remedies.

Knott Partners, based in the United States, says it made a mistake voting its shares in favour of its own offer, as those making the offer cannot vote on their own bids.

The Takeovers Panel says the breach was inadvertent and caused no direct harm.

Given that, the panel has decided not to seek any remedies against Knott Partners but will make orders for costs.

After disregarding the votes Knott made, the majority of shareholders still voted in approval of the takeover offer for Rubicon.