Myerson banned from M&A work for secret takeover plan
CONTROVERSIAL investor Brian Myerson was banned from working with FSA-registered companies for three years yesterday for breaking takeover rules.
The Takeover Panel said Myerson, along with colleagues Brian Padgett and Daniel Posen, are the first investors in over 20 years to be subject to its “cold shoulder” powers that effectively prevent any M&A work.
The panel said the trio had secretly worked together to purchase 6.7m shares in Principle Capital Investment Trust in March 2009, in order to gain majority control and reinstall Myerson as director.
South Africa-born Myerson, who has been involved in recent boardroom battles at Liberty, Blacks Leisure and Scholl, said he was furious at the ruling and denied any wrongdoing.
“I am now examining what legal options are open to me, including a challenge in the European Courts and whether or not the Panel exceeded its authority in acting as it did. I will continue to fight and defend myself and my reputation by all available means,”?he said.
But the ruling was enough for American fund manager Weiss to call for Myerson’s immediate resignation from the board of its subsidiary Sirius, saying his involvement as a non-executive director was no longer appropriate.