156:, he argued that the refusal to consider such reasons must not be taken too far and that the board must have authority to interfere with these constitutional rights where the threat is big enough. A company cannot, he suggests, be incapable of acting where it is at risk of ‘impotence and beggary’.
128:
The former managing director (Aubrey
Glasner) of Stratford UK (a subsidiary of Oaktree Capital Management LLC, a Delaware institutional money manager) had entered the company into a poison pill contract. If the managing director or the chairman (Rolf Nordstrum) left office, or if there was a
176:
Lord
Nicholls held that there was no question of ‘knowing receipt’. An agreement can be set aside if company assets have been misapplied ‘and irrespective of whether B still has the assets in question, A will have a personal claim against B for
181:, subject always to a defence of change of position. B’s personal accountability will not be dependent upon proof of fault or ‘unconscionable’ conduct on his part. B's accountability, in this regard, will be ‘strict’.
164:
Brooke LJ and
Carnwath LJ held that the judge's conclusion that the directors' had improperly exercised their powers was correct and should not have gone on to consider the actual knowledge of the director.
611:
152:
109:
may employ to prevent a bidder buying shareholders' shares without the board's consent. It held that it is an improper use of a directors' power to frustrate a takeover bid through issuing a
424:
381:
184:
Lord Scott held that the agreement would obstruct any takeover, not just the ‘unwanted predator’. So the case turned on authority, actual, apparent or ostensible.
17:
393:
102:
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The House of Lords held that the case should be remitted to trial, to determine whether the directors had the authority to issue a poison pill.
441:
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213:
678:
668:
595:
268:
472:
242:
553:
427:
117:
350:
581:
296:
567:
673:
655:
V Brudney, 'Fiduciary
Ideology in Transactions Affecting Corporate Control' (1966) 65 Michigan Law Review 259
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541:
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8:
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takeover, the company would owe a crippling payment to a
Criterion Properties through a
624:
414:
370:
339:
329:
293:
106:
557:
519:
178:
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Hart J at first instance struck down the pill. Quoting from
Megarry VC's judgment in
615:
601:
585:
94:
58:
636:
319:
437:
98:
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662:
489:
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137:. When the board of Stratford learnt of the pill, it dismissed Glasner.
315:
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For public companies, the case is superseded by Rule 21 of the
120:, which prohibits any action that frustrates a takeover bid.
49:
Criterion
Properties plc v Stratford UK Properties LLC
91:
Criterion
Properties plc v Stratford UK Properties LLC
660:
221:
466:
207:
503:Belmont Ltd v Williams Furniture Ltd (No 2)
256:Imperial Pension Ltd v Imperial Tobacco Ltd
473:
459:
214:
200:
480:
597:Criterion Properties plc v Stratford LLC
270:Criterion Properties plc v Stratford LLC
18:Criterion Properties plc v Stratford LLC
612:Arthur v AG of Turks and Caicos Islands
14:
661:
243:Howard Smith Ltd v Ampol Petroleum Ltd
454:
195:
153:Cayne v Global Natural Resources Plc
24:
554:El Ajou v Dollar Land Holdings plc
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133:. Criterion and Oaktree were in a
118:City Code on Mergers and Takeovers
25:
690:
168:
425:Public Company Mergers Directive
382:Re Grierson Oldham and Adams Ltd
351:R (Datafin plc) v Takeover Panel
679:2004 in United Kingdom case law
669:United Kingdom company case law
582:Dubai Aluminium Co Ltd v Salaam
568:BCCI (Overseas) Ltd v Akindele
13:
1:
649:
145:
32:Criterion plc v Stratford LLC
7:
516:Agip (Africa) Ltd v Jackson
222:Takeover regulation sources
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83:Takeover defence, authority
10:
695:
640:, 199 A.2d 548 (Del. 1964)
306:Employment Rights Act 1996
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542:Baden v Societe Generale
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481:Knowing receipt cases
674:House of Lords cases
231:Hogg v Cramphorn Ltd
405:Insolvency Act 1986
625:English trusts law
415:Companies Act 2006
394:Re Bugle Press Ltd
371:Companies Act 2006
340:Companies Act 2006
330:Companies Act 2006
294:Takeover Directive
107:board of directors
631:
630:
448:
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308:ss 86, 94 and 135
179:unjust enrichment
103:takeover defences
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16:(Redirected from
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530:Re Montagu’s ST
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99:UK company law
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45:Full case name
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490:Barnes v Addy
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362:Takeover Code
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282:Takeover Code
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135:joint venture
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97:is a leading
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572:EWCA Civ 502
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507:1 All ER 393
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70:Prior action
65:Case history
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26:
320:SI 2006/246
111:poison pill
101:concerning
663:Categories
650:References
558:EWCA Civ 4
520:EWCA Civ 2
428:2011/35/EU
417:ss 895-941
407:ss 110-111
373:ss 974-991
342:ss 942-965
316:TUPER 2006
297:2004/25/EC
146:High Court
131:put option
545:1 WLR 509
442:takeovers
260:1 WLR 589
188:See also
141:Judgment
78:Keywords
55:Citation
616:UKPC 30
602:UKHL 28
586:UKHL 48
285:rule 21
274:UKHL 28
105:that a
95:UKHL 28
59:UKHL 28
533:Ch 264
397:Ch 270
354:QB 815
246:AC 821
234:Ch 254
73:BCC 50
645:Notes
385:Ch 17
332:s 168
124:Facts
37:Court
440:and
436:see
665::
113:.
474:e
467:t
460:v
322:)
318:(
215:e
208:t
201:v
20:)
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