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14 October 2010
The Takeovers Panel is considering the judgment issued following the judicial review proceedings initiated by Marlborough Lines Limited. The judgment, to some extent, clarifies the Panel's powers and functions. In particular, the judgment endorses the Panel executive's activities in reviewing draft takeovers documents as part of the Panel's routine enforcement function. The Panel welcomes this outcome.
The Panel notes Justice MacKenzie's view that it is not able to convene meetings under section 32 of the Takeovers Act 1993 to consider compliance by the bidder under a takeover offer with rule 49 of the Code.
Rule 49 enables target companies, in this case Horizon Energy Distribution Limited, to recover from bidders, in this case Marlborough Lines, the target company's properly incurred expenses in responding to a takeover offer made under the Code.
The Panel is considering the issues raised in the judgment and will make no further comment for the time being.