Panel Rejects BAT’s Appeal: BAT Industries, the...

Panel Rejects BAT’s Appeal: BAT Industries, the object of a $22-billion hostile bid by Hoylake Investments had sought to get British takeover regulators to reverse their decision of Sept. 15 giving Sir James Goldsmith’s consortium a year to overcome insurance-regulation obstacles in the United States. Hoylake must win approval by insurance commissioners in nine states, including California, for a change in ownership in BAT Industries’ insurance holding company, Farmers Group of Los Angeles. A bidder in Britain normally has 90 days to complete an acquisition. If successful in winning the needed approvals, Hoylake will have 21 days to renew the offer, which, under panel rules, was allowed to lapse.