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Presents the view that the British Takeover Panel's efforts to bypass press battles on takeover will not work. Differing opinion on the value of the panel; Panel's focus on what sort of codicils companies should be able to put on the formal or preconditional bids they make under Rule 2.5 of the Takeover Code; Panel's launch of two consultation papers on the way bidders use informal bids under Rule 2.4 of the code.