Pension provider Pointon Yorks formal sale does not
expose a loophole in the UK Takeover Panels new
requirement for bidder identification, a corporate lawyer has
Pointon York announced on September 13 that it will undergo
a formal sale process following several confidential
approaches. Under Takeover Code changes that came into
force on Monday, the Takeover Panel can give dispensation to
offeror companies to keep potential bidders private.
Offerors undergoing a formal sale can also apply to the
Panel to waive the ban on break fees, however this was not
requested in the Pointon York sale.
Gillian Fairfield of Herbert Smith however warns that
companies looking to go down this route must be careful as the
Panel has made clear it doesnt expect the formal sale to
be a loophole.