UK: cold shouldered by the Takeover Panel

The Takeover Appeals Board has upheld a decision of the Takeover Panel Hearings Committee to cold shoulder several individuals for three years in respect of their acting in concert to circumvent Rule 9 (the mandatory bid rule) of the City Code on Takeovers and Mergers: see here (pdf). This is the second time that cold shouldering - excluding the individuals from involvement in takeover and merger work - has been imposed since the Code came into existence in substantially its current form (over 40 years ago) and is the most severe of the penalties at the disposal of the Takeover Panel.