This is notable because it was only a matter of a few weeks before Masayoshi Son, founder, chairman and CEO of SoftBank Group Corp., began negotiations with ARM, resulting ARM’s board of directors recommending acceptance of SoftBank’s offer to ARM shareholders (see ARM agrees to be bought by Japan’s Softbank).
There is no indication that Chamber’s role on the Takeover Panel has had, or will have, any impact on how SoftBank’s bid for ARM will be viewed by the Takeover Panel. It would be normal for Chambers to be replaced by an alternate in any Takeover Panel meetings convened to consider the ARM-SoftBank deal.
It is also notable that Chambers has experience of dealing with Japan. Chambers was chief executive at Pilkington, the UK’s leading glass maker, in 2006 when it was agreed to sell the company to Nippon Sheet Glass in a deal that valued Pilkington at £2.25 billion (about $3 billion).
The Takeover Panel is an independent body without enforcement powers of its own but referenced in UK law, with the primary function of administering a code on takeovers and mergers and ensuring shareholders are treated fairly in takeover bids. It is the de facto arbiter of takeover bids. However it should also be noted that the code is not concerned with issues related to competition policy, antitrust issues, or national interest. These are the responsibility of the government through agencies such as the Competition and Markets Authority.
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