Lord Myners – 2016 Parliamentary Question to the Department for Business, Energy and Industrial Strategy

The below Parliamentary question was asked by Lord Myners on 2016-07-20.

To ask Her Majesty’s Government how they propose to enforce the commitments they have obtained from SoftBank in connection with employment and the location of the headquarters of ARM Holdings.

Baroness Neville-Rolfe

The Takeover Panel is responsible for enforcing the post offer undertakings given by SoftBank under the terms of the Takeover Code. Grant Thornton LLP has been appointed as an independent supervisor under the Code to monitor compliance with the undertakings. The Takeover Panel can require SoftBank to submit written progress reports in such form and as frequently as it requires and can take disciplinary action if the undertakings are not fulfilled. The Department for Business, Energy and Industrial Strategy will continue to monitor developments.