ShareSoc Patron Lord Lee is quoted in the Investors Chronicle opinion piece by Paul Jackson about takeovers.
Anyone selling Morrisons shares after Monday 14 June, when the unsolicited approach was made, must have been kicking themselves. So should shareholders have been told more promptly? Lord John Lee thinks so.
Since directors have a duty to “lead, steward and serve shareholders”, are they at fault for failing to inform them better? Well, no. That’s because they have to be guided by the Takeover Panel, which says that, as long as there are no leaks, directors need say nothing until a potential buyer has “a firm intention” of making a bid. That’s what Lord Lee wants changed – but if changes are to be made, the government has said that the panel itself must make them.
The full article can be read here https://www.investorschronicle.co.uk/news/2021/07/22/private-equity-the-unlevel-playing-field/