The Panel on Takeovers and Mergers v King

Companies – Takeovers – City Code on Takeovers and Mergers – Contravention of rules – Enforcement by court. Court of Session: In a petition in which The Panel on Takeovers and Mergers sought an order under s 955 of the Companies Act 2006 ordaining the respondent to make a mandatory offer at a price of 20p per share for all the issued ordinary share capital of Rangers International Football Club plc not already controlled by him and three others, the court held that it had a discretion to refuse to grant an order sought in terms of s 955, however it concluded that it should not exercise that discretion in favour of the respondent and it granted the order sought.

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