UK: Takeover Panel - annual report published

Yesterday the UK's Takeover Panel published its annual report for the year to 31 March 2008. The report provides a summary of statements issued by the Panel as well as statistics concerning resolved takeover and merger proposals. The report also refers to the High Court's decision in Re Expro International Group Plc [2008] EWHC 1543 (Ch) - noted in this post - and states:

In the recent High Court judgment in relation to the offer for Expro International Group Plc, which was effected through a scheme, it was noted that it was not considered desirable for Court procedure to introduce a level of uncertainty into offers which the provisions of the Code had successfully eliminated. On this evidence, it does not appear that there is any current likelihood of the Courts playing a more active role in determining the outcome of offers".