Panel limits Cazenove's Man Utd role

Power, Helen
February 2005
Lawyer;2/21/2005, Vol. 19 Issue 7, p1
Trade Publication
This article reports that Manchester United PLC's corporate adviser Cazenove & Co. will not be able to give formal financial advice on Malcolm Glazer's takeover bid because of the investment bank's joint venture with JPMorgan, the American's financier. Sources close to the bid said that Cazenove could not provide advice under Rule 3 of the Takeover Code, which requires a takeover target's financial adviser to justify publicly the commercial reasons for turning down a bid. The rule will come into play if Glazer makes a formal bid. Club spokesperson Philip Townsend said the club and Cazenove had approached the British Takeover Panel on the issue, but declined to comment further.


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