NSW Caselaw
Reported Decision : 62 ACSR 522 (2007) 25 ACLC 796
New South Wales Supreme Court
CITATION : Lionsgate Australia Pty Ltd v Macquarie Private Portfolio Management Ltd [2007] NSWSC 371
HEARING DATE(S) : 18/04/07
JUDGMENT DATE : 20 April 2007
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Declaratory relief and specific performance granted
CATCHWORDS : CONTRACTS - general contractual principles - construction and interpretation - deed between shareholder in company and prospective bidder under off-market bid - covenant by shareholder to accept prospective bidder's bid - exception if "higher offer is made" - where target company and prospective competing acquirer announce intention to promote scheme of arrangement - whether any "offer ... made" - CORPORATIONS - takeovers - whether existence of prior deed caused offers under the off-market bid to offend s.619 or s.627 - EQUITY - equitable remedies - specific performance - contract relating to shares quoted on stock exchange - where bidder seeks all shares by off-market bid - preliminary contract to secure strategic parcel - whether damages adequate remedy for breach
LEGISLATION CITED : Companies Act 1962 (SA), Part VIB Corporations Act 2001 (Cth), Part 5.1, Chapter 6, ss.411(1), 411(4), 611, 616, 618(1)(a), 619(1), 627, 631, 664A, 670E
Attorney General v Australian Fixed Trusts Ltd [1974] 1 NSWLR 110 Attorney General v The Mutual Home Loans Fund of Australia Ltd [1971] 2 NSWLR 162 Australian Softwood Forests Pty Ltd v Attorney General (1981) 148 CLR 121 Carlill v Carbolic Smoke Ball Co [1893] 1 QB 256 Duncuft v Albrecht (1841) 12 Sim 189 Glynn v Margetson & Co [1893] AC 351 Lionsgate Australia Pty Ltd v Macquarie Private Portfolio Management Ltd [2007] NSWSC 318 CASES CITED : McCann v Switzerland Insurance Australia Ltd (2000) 203 CLR 579 Quadrant Visual Communications Ltd v Hutchison Telephone (UK) Ltd [1993] BCLC 442 Re Equinox Resources Ltd (2004) 49 ACSR 692 Re National Bank Ltd [1966] 1 WLR 819 Re The Bank of Adelaide (1979) 22 SASR 481 Re Wallace Dairy Co Pty Ltd (1980) 5 ACLR 139 Rudder v George Hudson Holdings Ltd [1972] 1 NSWLR 529 Zhu v Treasurer of New South Wales (2004) 218 CLR 530
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