Mark Simpson KC and Christopher Langley acted for the Takeover Panel in disciplinary proceedings against eleven respondents for breach of the Takeover Code arising out of dealings in the shares of MWB Group Holdings Plc in 2009-2010. The proceedings were the most substantial ever brought by the Panel. They concluded with the Hearings Committee of the Takeover Panel ordering sanctions against every respondent and making the first ever award of compensation against participants in an undisclosed Concert Party of a maximum of approximately £33 million plus interest. As regards one respondent, represented by Richard Coleman KC and Joseph Farmer, the Hearings Committee dismissed an application by an interested party that that respondent should pay compensation. The Hearings Committee comprised a panel of seven chaired by Michael Crane KC. The compensation award was upheld on appeal to the Takeover Appeal Board comprised of Lord Collins of Mapesbury, Sir John Mummery and Dame Elizabeth Gloster. The existence of the proceedings was confidential until the publication of the ruling of the Takeover Appeal Board on 30 July 2024.
A summary of the case [2024/17] and the decisions of the Hearings Committee [2024/16] can be found here.
The decision of the Takeover Appeal Board on appeal on compensation can be found here.
