Lazards censured over Rentokil offer

Lazards censured over Rentokil offer

The Takeover Panel yesterday rapped Lazards over last week's lead up to Rentokil's pounds 1.8bn offer for rival services group BET, writes Russell Hotten. Lazards, adviser to Rentokil, should have contacted the Panel earlier after seeing BET's share price race ahead when the pending bid leaked into the market. Takeover rules put an obligation on advisers to contact the Panel if a leak may have happened, but instead the Panel had to ask Rentokil to declare its interest. Meanwhile, Rentokil's offer document is expected to be published early next week, setting in motion the 60- day timetable for what is expected to be a very hostile bid.