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Twelve o’clock high: court upholds “tail-gunner” clause and awards success fee to former financial adviser

Norton Rose LLP
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United Kingdom
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June 4 2010

In Seymour Pierce Limited v Grandtop International Holdings Limited 2010 EWHC 676 (QB) Mr Justice Eady upheld a "tail-gunner" clause in a financial adviser's engagement letter and awarded a success fee to the financial adviser after its former client completed a takeover of Birmingham City Football Club (with a different adviser) and even though its original retainer had been terminated

The Takeover Panel Consultation Paper 20102: review of certain aspects of the regulation of takeover bids

Norton Rose LLP
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United Kingdom
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June 4 2010

On 1 June 2010, the Code Committee of the Takeover Panel published PCP 20102 as part of its review of certain aspects of the regulation of takeover bids

The Takeover Panel: Panel Statement 201014 and Panel Statement 201015

Norton Rose LLP
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United Kingdom
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May 28 2010

The Takeover Panel has issued a statement of public criticism of Kraft Foods Inc (Kraft) as a result of Kraft failing to meet the standards required under Rule 19.1 of the Takeover Code in connection with statements Kraft made about Cadbury’s Somerdale facility during its bid for Cadbury PLC (Cadbury

Guidelines Monitoring Group: improving transparency and disclosure - good practice reporting by portfolio companies

Norton Rose LLP
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United Kingdom
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March 19 2010

On 18 March 2010, the Guidelines Monitoring Group (GMG) published guidance on good practice reporting to improve the transparency and disclosure of private equity-owned portfolio companies

Takeover Panel consultation paper 20101: profit forecasts, asset valuations and merger benefits

Norton Rose LLP
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United Kingdom
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March 5 2010

On 5 March 2010, the Code Committee of the Takeover Panel published PCP 20101

Takeover Panel response statement 20093 and instrument 20101: amendments to Rule 5.2(c)(iii)

Norton Rose LLP
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United Kingdom
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March 5 2010

In December 2009 the Takeover Panel issued Panel Consultation Paper 20093 (PCP 20093) on amendments to Rule 5

Takeover Panel Statement 20106: Consultation on aspects of the Takeover Code

Norton Rose LLP
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United Kingdom
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February 26 2010

On 24 February 2010 the Takeover Panel announced that, in light of recent commentary, public discussion and suggestions for consideration from the Secretary of State for Business, Innovation and Skills (BIS) and others, the Code Committee has decided to initiate a consultation to consider whether certain Takeover Code provisions and the timetable for determining the outcome of offers could usefully be improved

HM Treasury discussion paper on non-bank lending, including enhanced corporate disclosure

Norton Rose LLP
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United Kingdom
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January 29 2010

On 12 January 2010, HM Treasury published a discussion paper on developing non-bank sources of finance for UK businesses

Fraudulent misrepresentation in share sale and purchase agreement and subsequent personal liability of director

Norton Rose LLP
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United Kingdom
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January 29 2010

On 9 October 2009 the High Court gave judgment in the case of Invertec Limited v De Mol Holdings BV and Henricus Albertus de Mol arising from a transaction under which Invertec (the claimant) and De Mol Holding BV (DMH) (the first defendant) entered into a Sale and Purchase Agreement (SPA) to enable Invertec to purchase the entire issued share capital of Volante Public Transportation Interior Systems Limited (Volante) from DMH