Put up or shut up order over banknote firm

The Takeover Panel yesterday set a deadline for France's Oberthur Technologies to announce a firm intention to bid for banknote printer De La Rue or walk away.

The panel said it had decided to set the 7 February deadline following representations made by De La Rue's advisers.

The so-called "put up or shut up" ruling means that if Oberthur decides not to pursue an offer for the UK company it will be prevented from making another bid for six months. In December, De La Rue had rejected a 905p-a-share approach - which would have valued the business at 895 million - calling it "highly opportunistic".

Last week, Oberthur Technologies stepped up pressure on the company by calling for more details on the production problems that shook it last year. Oberthur argues a deal would help restore the firm's reputation.

It yesterday urged shareholders to demand that the board of De La Rue provides a "complete picture of the company's current position and prospects". Shares in De La Rue closed down 7p at 828p.