The UK Takeover Panel has dismissed Nomura's appeal against Western Power Distribution's 365p a share bid for Hyder, but it will not release any more details of the Panel's executive meeting until August 18.

The Panel said on Wednesday morning that WPD's bid was the only sealed bid it received on Friday. It will publish a full statement giving the reasons for its decision by close of business on Friday, 'unless it receives application for leave to appeal to the Appeal Committee of the Panel'.