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** In the first round, the bidder with the lowest offer, or the last bidder to revise its offer if both are the same, may make an increased bid. As things stand, that would be Fox. ** In the second round, the other bidder may make an increased bid. They will do so knowing what their rival has done in the previous round, a source close to the process said. ** If there is no increased bid in the second round, the auction ends here. ** Otherwise, both parties may increase their bids in a third and final round.
** In the final round, each party may make its bid conditional on the other party also making a bid in that round, ** Bids may only be made for a fixed cash price in pounds sterling, ** All three parties are forbidden from publicly announcing any increased bids during the process, ** By the evening of Saturday, Sept, 22, the Takeover Panel will announce the offers of the two parties, The rules cufflinks and shirt studs allow for the suitors’ final bids to be equal, ** By 0600 GMT on Monday, Sept, 24, each bidder must make an announcement of its latest bid..
** By Thursday, Sept. 27, the bidders must publish a revised offer document, if they have revised their offers. ** By Oct. 11, the offers must be declared unconditional as to acceptances. ** The Panel did not set any rules or deadlines for Sky’s independent directors to decide whether to change their recommendation to shareholders following the end of the auction on Saturday. ** Hypothetically, if the auction concludes with Fox and Comcast making equal offers for Sky, Fox’s bid could be more attractive to Sky’s minority investors because the U.S. giant already owns 39 percent of Sky and would have the better chance of taking control of the broadcaster.
COPENHAGEN (Reuters) - Danske Bank (DANSKE.CO) faced a new Danish money laundering inquiry on Thursday as political anger spread over a scandal involving 200 billion euros ($234 billion) in payments, many of which were suspicious, through Estonia, Chief Executive Thomas Borgen resigned on Wednesday cufflinks and shirt studs after an investigation commissioned by Danske Bank exposed control and compliance failings, fuelling calls for more stringent European Union rules after several such scandals, The bank’s report sparked vocal political criticism and prompted Denmark’s Financial Services Authority (FSA) to revisit a case which it had put on ice earlier this year, but is reported to have attracted the attention of U.S, authorities..
“We’re reopening the investigation of the bank that we initially closed in May,” FSA head Jesper Berg told Danish broadcaster TV2. In May an FSA report said it had found “serious weaknesses” in the bank’s governance and demanded reforms, as well imposing reprimands and a higher capital requirement. Berg said the FSA would use the new information from Danske Bank’s report and focus on identifying a legal responsibility. In an indication of the penalties such lapses can entail, Dutch financial group ING (INGA.AS) agreed to pay 775 million euros this month after money laundering through its accounts.
One of the main factors behind a dramatic fall in Danske Bank’s share price this year is investor concern that it could have broken U.S, sanctions, which could entail billions of dollars in penalties, Danske Bank said on Wednesday it had not cufflinks and shirt studs so far found any breach of sanctions, while Chairman Ole Andersen said it had assessed whether it had violated U.S, laws, but declined to share its conclusion, While authorities in the United States have yet to say whether they are investigating the payments, many of which came from Russia and other former Soviet states, Danske Bank’s case is already high on the agenda of European Union members..
European Justice Commissioner Vera Jourova said on Thursday she will discuss the Danske Bank case with the finance ministers of Denmark, Finland and Estonia on October 2. “I want to understand better where the main errors happened, whether it was purely the fault of the lack of due diligence done by the bank itself or whether there was also some mistakes at the level of supervisory authorities,” she said. Jourova told a news conference in Brussels that she will also discuss the case with the European Banking Authority to see if supervisory mistakes were made.
And in a sign of investor concern, Brussels-based consultancy firm Deminor Recovery Service said it would seek shareholder backing for an impartial investigation of the case at Danske Bank’s annual general meeting in March, Danish prime minister Lars Lokke Rasmussen voiced his concern over the failings exposed by the country’s biggest lender, saying he was “shocked” at the scope cufflinks and shirt studs of the suspicious payments and pushed the bank for more answers, “The fact that Denmark has been at the center of money laundering of this size is frankly quite horrible,” Rasmussen said outside a meeting of European Union leaders in Salzburg..