20 Oct 2020
Re METLIFECARE LTD [2020] NZHC 2752
- Citation
- [2020] NZHC 2752
- Court
- High Court
The Court approved the scheme under s236 because statutory requirements were satisfied, shareholders were fairly put to the proposal (disclosure was adequate, corroborated by the Takeovers Panel no-objection), the consideration ($6) lay within the independent adviser valuation range and represented a meaningful premium to recent trading, majority and director support (despite dissent) did not render the scheme unfair, and bondholders' contractual protections and listing obligations meant no material prejudice was shown; accordingly the scheme was fair and one an intelligent and honest busines…