10 Jul 2014
Re Millennium & Copthorne Hotels New Zealand Ltd [2014] NZHC 1616
- Citation
- [2014] NZHC 1616
- Court
- High Court
The Court approved the scheme because statutory procedures were complied with, the scheme and risks were fully and fairly disclosed (including an independent report), the scheme received overwhelming and properly constituted shareholder support, there was no evidence of coercion or prejudice to creditors (HSBC consented), and an intelligent and honest business person would reasonably approve the proposal as fair and equitable.