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Court reserves judgment in BHL matter

COURT TODAY BLOCKOn a day when SLU Beverages Limited (SLU) hiked its share offer price for Banks Holdings Limited (BHL) above that of its rival ANSA McAL, legal teams from both sides and other interests in the bidding war for the local beverage company returned to the law courts this morning.

The Court of Appeal heard an application filed by ANSA seeking a second injunction to halt the bidding process pending the hearing of its appeal.

The company was contesting the November 14 decision by Chief Justice Sir Marston Gibson to lift a week-long injunction which blocked the sale of BHL.

BHL attorney Barry Gale, QC, told Barbados TODAY the appeal was not regarded as pressing after SLU indicated that it would make an increased offer of $7.10 that would expire on December 17. ANSA has offered shareholders $7 per share.

The appeal will now be heard on the December 11.

The court also heard an application for disgruntled BHL shareholders who have brought a class action suit against BHL to join the legal battle.

The shareholders are challenging a controversial exit clause in the BHL/SLU agreement which they argue gives SLU an unfair advantage in the takeover bid.

The court reserved judgment and committed to issue a ruling by next week Friday.

4 Responses to Court reserves judgment in BHL matter

  1. Alex Alleyne December 2, 2015 at 11:25 am

    In the end , I can see BHL leaving Barbados.

  2. jrsmith December 2, 2015 at 11:27 am

    This is not a matter for the courts in Barbados, this is a corporate matter ,been played out in public ,because of bad management. bad decisions and bad oversight. SLU, should challenge the court in Barbados , who have no rightful jurisdiction in this matter.

    My take the agreed decision wasn’t made in Barbados, this was done in in secret some where. but because ANSA board of directors made a bad decision, they come to Barbados crying like babies , behaving like school kids. they never expected the value of the shares would at any time ceiling to the offer value ,that’s on the table at the moment.

    All bad management, why others resign before they dealing started.

  3. Alex Alleyne December 2, 2015 at 11:28 am

    Why don’t both of them take over LIAT and relieve Barbados out of some of its financial burden.

  4. Panwallie December 2, 2015 at 11:37 am

    How long it will last? (reservation)
    And where they go from there?
    I am not trying to discourage them
    In anyway, my dear
    But I’ve seen this tardiness
    In Barbados’ Courts before
    And I wonder, I wonder
    If these businesses will take much more


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