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Company Law Reform Bill [HL]

For the reasons I gave in relation to the last group of amendments, I cannot accept this amendment. It has the same vice—I do not use that word pejoratively; the same defect—as the amendment put forward by the noble Lord, Lord Sharman, in narrowing the people covered by the offence to those who are named as taking responsibility for the offer document. It even goes one stage further and removes the bidder from the scope of the offence as well. That is certainly not justifiable. As to the explanation given by the noble Lord that in a particular case the bidder might be a newco, and therefore not have a great deal behind it, I shall have to think how good an argument that is. In any event, it does not cover the totality of those who would be, in the words of the Bill,"““the person making the bid””," so I cannot accept this amendment or Amendment No. A149C.