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The Takeover Panel has publicly criticised Credit Suisse, Freshfields and Holman Fenwick Willan for breaching important provisions of the Introduction to the Takeover Code. Kavita Bassan, solicitor in the Lexis®PSL Corporate team, discusses the details of the recent Panel Statement and what they mean for corporate lawyers.
The Takeover Panel has publicly criticised Credit Suisse (Singapore) Limited and Credit Suisse Securities (Europe) Limited (Credit Suisse), Freshfields Bruckhaus Deringer LLP (Freshfields) and Holman Fenwick and Willan LLP (HFW) for their conduct as advisers in relation to the acquisition by Vallar plc of interests in two Indonesian coal mining companies. They, along with JP Morgan Limited (JP Morgan), were found to have committed serious breaches of sections of the introduction to the Takeover Code (the Code).
(PS 2015/15) relates to the conduct of legal and financial advisers involved in certain transactions which resulted in a serious breach of Rule 9.1 of the Code (which was the subject of an earlier Panel Statement). The Panel has concluded that:
For comments on PS 2015/15 by Patrick Sarch, partner at Clifford Chance LLP, see section What lessons should corporate lawyers draw from the recent Panel Statement? What should they take away from PS 2015/15?, below.
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