An offer was made to purchase the entire share capital of a company, but the offer allowed for different arrangements for service on shareholders in certain foreign countries because of difficulties in complying with local regulatory provisions. The appellants sought to argue that no offer had been properly made so as to bind all shareholders to sell after acceptance by the majority. It was held that the variation was justified and did not vitiate the offer. Those who had not received direct notice were still able to participate and vote. The validity of an offer could not depend upon its being successfully communicated to each and every shareholder. The offeror should make an attempt to contact each shareholder, including those living abroad.
Citations:
Times 24-May-2001, Gazette 12-Jul-2001
Statutes:
Jurisdiction:
England and Wales
Citing:
Appeal from – In Re Joseph Holt Plc; Winpar Holdings Ltd v Joseph Holt Group Plc ChD 15-Nov-2000
An offer was made to purchase the entire share capital of a company, but the documents were not served on shareholders in certain foreign countries because of difficulties in complying with regulatory provisions. Having received acceptance from more . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 10 April 2022; Ref: scu.90572