London: The UK Takeover Panel on Tuesday stepped into the high-voltage drama over acquisition of Corus, setting a January 30 deadline for revised offers from its two suitors, after which the Anglo-Dutch steelmaker could come under the hammer.
The British regulatory body asked the two bidders -- India's Tata Steel and Brazil's CSN -- to announce their revised offers by January 30, while saying that an auction could be considered if the 'competitive situation continues to exist shortly before' the deadline.
Currently, both the bidders are entitled to revise their offers and the terms of the auction, if required, would be set by the panel, the regulator said. Each of the parties has accepted the ruling, it said.
Following the panel's decision, Corus said it expects the competitive situation to be resolved, at the latest, on or shortly after the deadline. Corus has separately decided to adjourn its extraordinary general meeting scheduled for Wednesday to a later date.
Meanwhile, banking sources said no decision has been taken so far by Tata Steel, which is mulling over all the possible options.
When asked whether CSN would match in case Tata revises its offer further, a spokesperson for the Brazilian firm said the company cannot 'comment on what it might do in hypothetical situations'.
However, banking sources said the Latin American company is in talks with its financiers and advisors in case it needs more funds to close the deal.
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