Brian Myerson banned from business negotiations
Myerson among three investors that can not engage in merger activity for three years
Brian Myerson has been banned from holding business negotiations
for three years after breaching trading rules.
The Takeover Panel announced that the South African born
businessman, along with two other investors, will no longer be able
to engage in financial dealings in the UK.
Myerson was found in breach of takeover legislation after he
colluded with Daniel Posen and Brian Padgett to take control of
Principle Capital Investment Trust (PCIT) last year.
The three investors should have offered to buy-out shareholders,
but as a result they will now be "cold shouldered" by those in the
financial industry.
They were also accused of "knowingly and deliberately"
misleading the Takeover Panel in its enquiries.
Mr Myerson claimed he was prepared to fight the ruling.
"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," he said.