Charter slips as Melrose gets put up or shut up deadline

Industrial group Charter has lost more than 4% after predator Melrose was given a put up or shut up deadline. The Takeover Panel said the buyout group must make a bid by 6 September or walk away. Charter has been resisting the 840p a share approach from Melrose, but with the market turmoil knocking back its shares and leading shareholders indicating they wanted the company to open its books to the predator, the pressure is on for Charter's management. But doubts about the outcome - especially now there is a firm deadline - have sent Charter's shares down 29.5p to 628.5p, well below the mooted offer price. Melrose in turn is up 4.9p to 311.9p.