Caxton And CPT Publishers And Printers Limited v Media 24 Proprietary Limited and Others (136/CAC/March 2015)
Caxton And CPT Publishers And Printers Limited v Media 24 Proprietary Limited and Others (136/CAC/March 2015) [2015] ZAWCHC 209 (25 November 2015)
The court found that the new management agreement, when read with Novus's MOI and the Companies Act, subjected all of Retief's powers to the overriding authority of the board. This change eliminated Retief's material influence over Novus's strategic policy, ending the previous joint control arrangement. The transition from joint (or dual) control to sole control by Media 24 constituted a notifiable merger under the Competition Act. The Tribunal erred in focusing on the practical exercise of powers rather than the legal entitlement. The court held that Caxton had a sufficient interest to seek…
Source excerpt
- Merger Notification
- Change Of Control
- Material Influence
- Companies Act Compliance
- Listing Requirements
- Operational Independence