Britain's Takeover Panel said yesterday it had frozen the timetable for Bank of Scotland's hostile takeover bid for National Westminster Bank.
The takeover code requires all significant financial information to be published by the takeover target by the 39th day following the posting of the offer document, which in this case would have been next Monday. "However, the decision on whether or not to refer the offer by Bank of Scotland to the Competition Commission has yet to be announced," the Takeover Panel said in a statement.
The Office of Fair Trading last week extended its initial review into the competition aspects of the £22 billion sterling (€34.5 billion) bid by two weeks to December 3rd, although it could reach a decision before then.
The Takeover Panel's decision to freeze the process means that the current takeover clock stops before restarting with a new Day 39 which would now be two days after a competition ruling.
The freeze also allows possible rival bidder Royal Bank of Scotland more time to clarify its position. Bank of Scotland had said on Thursday that it had made no decision on whether to increase its offer price for NatWest.
