The UK Takeover Panel Code Committee has made amendments to the UK Takeover Code, which could see an end to the sealed bid process as used in the infamous battle for Hyder, the Welsh utility.
The Takeover Code's new Rule 32.5 concerns "competitive situations". If by day 46 of the offer period for a public company rivals remain in a bidding war, the Panel will adopt "an auction procedure, the terms of which will be determined by the Panel".
