18 Jul 2019
Re Westland Co-operative Dairy Co Ltd [2019] NZHC 1683
- Citation
- [2019] NZHC 1683
- Court
- High Court
The court approved the scheme because Westland complied with the statutory procedure, shareholders received all material information and voted with the requisite majorities, the scheme was supported unanimously by the board, the takeover price materially exceeded independent valuation ranges, the Takeovers Panel and Overseas Investment Office raised no objection and granted consent, remedial disclosure issues were promptly corrected, and overall the scheme was fair and equitable and addressed Westland's clear need for capital and milk supply commitments.