The Takeover Panel's code says that a firm cannot say that it might improve an offer without actually doing so.
What this meant for the Takeover Panel was seen as particularly controversial.
The future of the Takeover Panel has been particularly controversial, as some people fear London's predominance as a world financial centre could be put at risk.
The Takeover Panel is now set to announce its reasons for rejecting an appeal by Japanese bank Nomura over the confused sealed bidding process for Welsh utility Hyder.
In a separate statement, the Takeover Panel said on Thursday that it did not expect the FSA's latest investigation to disrupt the completion of Mr Abramovich's acquisition of Chelsea.
Tesco is expected to be asked by the Takeover Panel, responsible for mergers and acquisitions in the UK, to make a "put up or shut up" statement about its intentions.
But the Takeover Panel said that Standard Life had confirmed that there could be no certainty that such a restructuring would be possible and that, as a result, it was wrong to raise shareholders' hopes.
Mr. Rothschild also persuaded the Takeover Panel, which polices London deal-making, that the Bakries and another Indonesian investor were acting in concert and that their voting rights should be capped at 30% despite owning 57% of the shares.
Last month, The Takeover Panel--the U.K.'s takeover regulator--set a put up or shut up deadline of 5 p.m. on December 15 for Macquarie Bank, Australia's biggest investment bank, to come forward with a bid for the LSE.
That said, I understand that these roles might well end up - in the longer term - merged with the Takeover Panel and the Financial Reporting Council as part of a new regulatory authority with broader responsibilities for the conduct of publicly listed companies.
In a statement, Nestle said its decision not to make, or participate in, a formal offer for Cadbury followed discussions with the UK Takeover Panel - the body in charge of regulating takeovers.
But after all the weeks of febrile speculation about Vodafone, it is reasonable to assume that the UK's Takeover Panel and the Financial Conduct Authority would want investors to know what is going on, and would therefore put pressure on putative bidders to show their hand.
He also suspended his duties as chairman of the commission's takeover and mergers panel and as a director of the exchange.
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.
It would give Carnival - currently banned under UK Takeover Panel rules from upping its bid again until after the 14 February meeting - an opportunity to put together a more tempting offer.
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