City tycoon Myerson given three-year ban - papers

Controversial investor Brian Myerson is to be "cold shouldered" from any takeover dealings in the UK for three years after he failed to overturn a ruling that he had breached the Takeover Code.

An appeals board yesterday confirmed that Myerson, the South African-born shareholder activist who hit the headlines after a public divorce, would face only the second "cold shoulder" order in the 40-year history of the Takeover Panel's code of conduct, along with associate Brian Padgett and Swiss investor Daniel Posen.

The ruling bans the City professionals from taking part in any merger or acquisition activity for three years, writes the Independent.

The Takeover Appeals Board upheld the censure first handed out by the Hearings Committee of the Takeover Panel, agreeing that the three had acted "in concert" last year to buy 6.7 million shares in Principle Capital Investment Trust (PCIT), which was founded by Mr Myerson's Principle Capital.

The board said the trio were looking to get round Takeover Panel rules and avoid making a full offer for PCIT.

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