A dispute over a so-called “poison pill” arrangement to protect Criterion Properties plc from a takeover bid is to be considered by the House of Lords.
Criterion has been granted permission to challenge a Court of Appeal ruling in which Stratford UK Properties llc were held not to be entitled to summary judgment against Criterion.
The case that centred upon a joint venture between the two companies for property investment in the UK. The deal was structured using a “poison pill” arrangement, whereby Criterion would be protected against a possible takeover and change of management.
The Appeal Court overturned an earlier High Court decision, which held that the deal was unenforceable. However, Criterion is now challenging the Appeal Court’s finding that this was not a suitable case for summary judgment, and that a full trial was necessary.
Criterion Properties plc v Stratford UK Properties LLC and others
References: PLS News 27/3/03
