Panel sets deadline for Charter bid

Melrose has until 6 September to either make a formal bid for Charter International or walk away from the engineering group for at least six months before making another takeover approach, the Takeover Panel said yesterday.

The so-called 'put up-or-shut up' deadline follows representations by Charter's advisers. Melrose, which specialises in buying out engineering or manufacturing companies, first approached Charter in the wake of a profit warning that triggered a sharp fall in its share price in June.