The UK Takeover Panel’s 172-page report outlining changes it intends to make to rules governing mergers and takeovers, outlined yesterday, was born out of a desire to redress the balance of power away from bidders in favour of vulnerable targets. That is admirable, but many of its proposals could actually have the unintended effect of reducing the options available to target companies and their advisers.

In the Panel's report outlining the changes it intends to make to the rules governing UK takeovers, the same phrase crops up again and again.