Panel on Take‐Overs and Mergers There have been occasions during the chequered career of the Panel on Take‐overs and Mergers when it has appeared to be inhibited by its voluntary status from acting as toughly as it would like to have done. The fact that when the chips were down it depended on the support of the City institutions meant that transgressors of the City Code on Take‐overs could, if they were prepared to risk incurring the wrath of the City Establishment, ignore its rulings and carry on in their own way.
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