Grant Thornton appointed auditor to the takeover panel
Leading financial and business adviser Grant Thornton has been
appointed as external auditor of one of the UK's most influential
authoritative bodies, The Takeover Panel (the "Panel").
The Panel is an independent body, whose main functions are to
issue and administer the City Code on Takeovers and Mergers (the
"Code") and to supervise and regulate takeovers and other matters
to which the Code applies in accordance with the Rules set out in
the Code. The Panel's function is to ensure that all
shareholders involved in takeover bids are fairly treated and not
denied the opportunity to decide on the merits of a
takeover.
Judith Newton, partner at Grant Thornton, commented, "The Panel
is an influential body, and an impressive win for Grant
Thornton. Traditionally the largest 4 audit firms have
dominated this type of work and it is great to see the level of
skill and expertise that Grant Thornton provides recognised."
"As the UK member of Grant Thornton International, one of the
world's leading international organisations of independently owned
and managed accounting and consulting firms, we are in an ideal
position to continue to offer the market greater choice and
unrivalled standards," says Newton.
Members of the Panel consist of influential individuals from
major financial and business institutions, which gives the
organisation unrivalled expertise in takeovers and securities
markets.
This appointment complements the firm's audit relationships with
other important regulatory bodies such as the Financial Services
Authority and the Institute of Chartered Accountants in England and
Wales. "The tide is definitely turning in that the major
abilities of a small number of other audit firms are being
considered for significant public audit work," Newton
continued.
Further cementing Grant Thornton's reputation in the audit
market is the firm's recent win of Auditor of the Year award
outside the Big 4, at the Real Business/CBI FDs Excellence Awards
on Tuesday 15 April.
David Maxwell, from Grant Thornton's National Management Board,
says, "Being recognised as Auditor of the year outside the Big 4 is
an excellent achievement. The win recognises the firm's
ability to offer a sophisticated audit service which is valued and
highly rated by our clients. This award complements our
strong position as auditors in the complex area of public sector,
large local authorities and health trusts and also the Number One
auditor of companies in the dynamic world of AIM."
The 'Panel' was established in 1968 and regulates takeover bids
and other merger transactions for companies.