The takeover code's rules are clear: both bids lapse.

ECONOMIST: British banking

In 1984 it moved its legal domicile to Bermuda, where the takeover code is more to its liking (among other things, this obliged Mr Li to reveal his stake at such a low level).

ECONOMIST: Superman versus the hong

The Takeover Panel's code says that a firm cannot say that it might improve an offer without actually doing so.

BBC: NEWS | Business | Watchdog criticises Standard Life

The 18 "guardians" of the Reuter Trust Principles said in a statement Tuesday that they had worked closely with Thomson and Reuters over the last week to ensure the company's code of editorial independence would be upheld after the takeover.

FORBES: Magazine Article

They argued that both the code and the panel had a proven track record and warned the FSA could be drawn into takeover battles as a delaying tactic by those opposing the bid.

BBC: Row over finance watchdog shake-up