It said a decision whether or not to refer the offer to the Competition Commission has yet to be announced.

The City Code normally requires the board of the offeree company not to announce any material new information after the 39th day following publication of the initial offer document, which would make the last day for Novera this Friday (20 November).

However the panel has ruled that 'Day 39' will now be the second day after the referral decision is announced.

The last date for posting a revised offer and the date by which an offer must become or be declared unconditional will also be extended by the same number of days. The next expiry date of the offer will not be affected.

Story provided by Business Financial Newswire