The takeover panel ruled this week that Miller could not increase its 200p-a-share offer if Cala’s management buyout vehicle, Dotterel, or another bidder, makes an equal bid for the company.
Miller reserved the right to add up to 10p-a-share to its new offer if it was beaten by another bidder, but did not include the possibility of an equal offer in its caveat.
Dotterel swiftly sought to outmanoeuvre Miller by getting the panel’s ruling. Miller appealed on Wednesday and awaits the decision today.
If the appeal is rejected, it will leave the way open for Cala to offer 200p-a-share, which would leave shareholders in the unusual position of having to choose between two equal bids.