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UPDATE 1-Takeover Panel sets Centaur deadline for Critical Info

Thu Nov 5, 2009 6:38am EST

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Nov 5 (Reuters) - Critical Information Group (CIG.L) has been given a Dec. 7 "put up or shut up" deadline to make a bid for British business publisher Centaur Media Plc (CAU.L), the UK's Takeover Panel said on Thursday.

Centaur -- which publishes a range of business-focused magazines, including "Marketing Week", "Money Marketing", "The Lawyer" and "Creative Review" -- had earlier rejected Critical Information's indicative proposal, saying it materially undervalued the company.

Under Takeover Panel rules, Critical Information will be prevented from making an offer for Centaur for six months if it decides not to bid by Dec. 7.

Centaur Media's shares, which gained 45 percent in the last three months, were trading flat at 54 pence by 1030 GMT on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Maju Samuel)

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