VT poised to force Babcock's hand

VT GROUP is considering asking the Takeover Panel to impose a "put up or shut up" deadline on suitor Babcock International, according to sources.

By The Newsroom

Published 19th Feb 2010, 20:43 BST

Updated 19th Feb 2010, 21:07 BST

"The thought process has started and it is likely in the near future that they will do," the source said yesterday.

If such a ruling is invoked, the Takeover Panel would impose a deadline for Babcock either to make a firm bid or walk away for a minimum of six months. On Thursday, VT rejected a revised approach from Babcock worth up to 1.29 billion.