header-logo header-logo

Breaking the silence

26 February 2009 / Roger Le Tissier
Issue: 7358 / Categories: Features , Company , Competition , Commercial
printer mail-detail

Guernsey Company Law is no longer tacit on takeovers. Roger Le Tissier reports

Before 1 July 2008, Guernsey Company Law was silent in respect of takeovers. The new law, however, introduces provisions which will be of potential interest to targets and offerors alike. The Companies () Law 2008, Pt XVIII ss 335–340 sets out the entire statutory provisions relating to takeover sand applies where a scheme or contract involves the transfer of shares or any class of shares in an offeree company to any person. The principle is not unfamiliar in relation to other companies’ laws and provides sweep up provisions, where 90% of shareholders accept an offer. Practically speaking, if, within four months after the date of making an offer in respect of a scheme or contract, the offer is approved by shareholders comprising 90% in value of the shares affected, the offeror may, within two months after the expiration of those four months, give notice to any dissenting shareholder that it desires to acquire his shares. In calculating the 90% threshold,

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll