BBC News | BUSINESS | NatWest bid timetable frozen

BBC News Online: Business

Friday, 19 November, 1999, 17:06 GMT

NatWest bid timetable frozen

The Takeover Panel has stopped the clock in Bank of Scotland's Ł22bn bid for NatWest

It took the decision after delays by the government in deciding whether to demand a Competition Commission probe.

Under the strict rules of the Takeover Code, NatWest had 39 days from when the BoS offer document was posted to make public all "significant financial information", such as profit forecasts.

That original deadline would have meant NatWest having to report this coming Monday.

Brief statement

But the process has now been frozen by the Takeover Panel - the regulatory body with the job of ensuring both sides stick to the City's standards of fair play.

It has moved the NatWest deadline to two days after Trade and Industry Secretary Stephen Byers decides whether to refer the bid to the Competition Commission.

The news came in a brief statement to the Stock Exchange by the Takeover Panel.

The Office of Fair Trading(OFT) is currently examining the bid and whether it should recommend a Competition Commission referral.

Last week the OFT said it would extend by two weeks to 3 December its deadline for making the decision.

The delay also pushes back the deadline for BoS to raise its bid and gives other possible bidders, headed by Royal Bank of Scotland, more time to consider launching a rival offer.

Related to this story:
Timetable of a takeover (27 Sep 99 | The Company File)
Rival bid for NatWest moves closer (08 Nov 99 | The Company File)
NatWest cuts jobs in takeover battle (27 Oct 99 | The Company File)
NatWest considers break-up (04 Oct 99 | The Company File)
NatWest chief executive ousted (08 Oct 99 | The Company File)

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