In the matter of TPG Telecom Limited [2020] NSWSC 978
The procedural and substantive requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were satisfied, the scheme was fair and reasonable, and there was no reason to withhold approval.
- Parties
- Plaintiff: TPG Telecom Limited; Acquirer: Vodafone Hutchison Australia Limited
- Jurisdiction
- Australia
- Judgment Date
- 30 July 2020
- Procedural Posture
- Scheme of Arrangement Application / Second Court Hearing – Approval of Scheme
- Outcome
- Scheme of arrangement approved as sought.
- Legal Topics
- Schemes of Arrangement, Mergers and Acquisitions, Court Approval Process
Case Brief
Summary, issues, holding and outcome
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Parties
TPG Telecom Limited
Plaintiff
Vodafone Hutchison Australia Limited
Acquirer
Procedural Posture
Scheme of Arrangement Application / Second Court Hearing – Approval of Scheme
Legal Issues
- 1 Whether the statutory and procedural requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) have been satisfied
- 2 Whether the scheme is fair and reasonable and should be approved by the Court
Ratio Decidendi
The procedural and substantive requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were satisfied, the scheme was fair and reasonable, and there was no reason to withhold approval.
Court Disposition
Scheme of arrangement approved as sought.
Orders
- The scheme of arrangement between TPG Telecom Limited and its ordinary shareholders is approved under s 411(4)(b) of the Corporations Act 2001 (Cth).
- Exemption from compliance with s 411(11) is granted to TPG.
Full Case Text
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