City Of London
Takeover Panel Bans 10 From London Mergers in Rare Cold Shoulder
- Rebuke is the most severe sanction available to the watchdog
- Panel calls it ‘most complex investigation’ in 56-year history
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The UK’s Takeover Panel has banned 10 individuals from merger activity after concluding they used sham transactions to mislead shareholders in the holding company that owned the Liberty department store and Malmaison hotels.
The group has been banned for periods spanning from one to five years for concealing the size of a stake effectively held by executives in 2010 at MWB Group Holdings Plc, according to a statement Tuesday. The firm went into administration in November 2012.