NZHC [1986] 2 NZLR 271
Re Deans
Type
Case
Court
New Zealand High Court - None
Jurisdiction
Dubai International Financial Centre, New Zealand
Taxonomy
General Commercial Law, General Company Law & Business Entities
Copyright
LexisNexis
Decision date
6 Mar 1986
Hearing/Judgment date
6 March 1986
Panel
Hardie Boys J.
Catchwords
Company law – Shares acquisition – Takeover offer – Onus of proof – Compulsory acquisition of shares – Dissenting shareholder application for injunctive relief – Unfairness – Class of shareholder
2/1986
Summary
This case is a useful one when looking at Article 79 of DIFC Law No. 2/2009. The wider common law has previously considered the high burden required for dissenting shareholders to demonstrate that a scheme, which holders of 90 per cent of the shares have accepted, is unfair. This case involved an application by a dissenting minority shareholder under s208 of the Companies Act 1955 for an order that his shares in a company not be compulsorily acquired by the party who having acquired more than 90% of the shares , made a takeover offer and looked to acquire the remaining shares compulsorily.