<P> The Panel on Take - overs and Mergers is the City of London's self - regulating mechanism for dealing with mergers and acquisitions . The applicant complained about the conduct of their competitors in a takeover bid and were unhappy with the Panel's decision . When it was refused leave to seek judicial review by the High Court, it appealed to the Court of Appeal . </P> <P> The main issue facing the Court was whether to review the decision of a Panel set up under private law using the standards usually applied in administrative law . </P> <P> The Court of Appeal held that the powers exercised by the Panel (regulating take - overs and enforcing a code of conduct on them) were essentially in the domain of public law and formed part of the Government's scheme to regulate the City . Those affected had no choice but to submit to the Panel's jurisdiction . As a result, the Panel had the duty to act judicially and its decisions could be checked by means of judicial review . On the merits however, the Court found no ground to quash the disputed decision . </P> <P> Sir John Donaldson, the Master of the Rolls, gave the leading judgement . </P>

R v panel on take-overs and mergers summary