§ Mr. Hanleyasked the Secretary of State for Trade and Industry if he will introduce legislation to give statutory effect to the prohibition of the use of poison pill tactics by 253W companies seeking to defeat an unwelcome takeover bid currently contained in the city code on takeovers and mergers; and if he will make a statement.
§ Mr. HowardSome such tactics may already be precluded by law, whilst others are unexceptionable. I am confident that the takeover panel will act against any tactic it judges abusive, and I am similarly prepared to bring forward proposals if I conclude that legislation is necessary. I am not, for the moment, persuaded that it is. But I am keeping the situation under review.