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LONDON - The Third Point Investors Limited Investor Group expressed disappointment with a recent Takeover Panel Hearings Committee ruling regarding Third Point Investors Limited, according to a press release statement issued Friday.
The Group cited the Takeover Panel’s statement which indicated frustration with the appeal outcome. The Panel had argued there were "strong arguments for the application of the Takeover Code" based on the spirit of the Code, which aims to protect shareholders during a change of control.
According to the statement, the Panel believed the transaction was "deliberately designed and sequenced to avoid the Code applying" and would put the company "beyond the remit of the Code forever more." Despite acknowledging that a successful appeal without Takeover Executive support was "likely to be an uphill battle," the Panel maintained it was the appropriate course of action for independent shareholders and "the integrity of the London market."
The ruling apparently determined that Third Point had not acquired more than 30% of voting rights due to "the continued existence of VoteCo," though the Panel contended the transaction "clearly puts Third Point firmly in control."
The press release did not provide specific details about the transaction in question or explain the structure that allowed Third Point to avoid triggering the 30% threshold typically associated with mandatory takeover offers under UK regulations.
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