VT mulls "put up or shut up" for Babcock: source

VT mulls "put up or shut up" for Babcock: source
Fri February 19, 2010 7:31am EST

LONDON (Reuters) - VT Group (VTG.L) is considering asking Britain's Takeover Panel to impose a 'put up or shut up' deadline on suitor Babcock International (BAB.L), a source close to VT told Reuters on Friday.

DEALS

"The thought process has started and it is likely in the near future that they will do," the source said.

The Takeover Panel could impose a deadline for VT either to make a firm bid or walk away for a minimum of six months.

On Thursday, VT rejected a revised approach from Babcock worth up to 715 pence a share or 1.29 billion pounds ($1.98 billion) and set its sights on an offer closer to 800 pence.

Babcock has said it will not go hostile, as it will need access to VT's books before following through with an offer.

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Babcock International Group PLC (London: BAB), VT Group (London: VTG)