Accura has litigated and won the first Danish legal proceedings concerning a mandatory takeover bid before the Maritime and Commercial High Court.
The issue of the proceedings was whether several majority shareholders in Boliga Gruppen (previously Euroinvestor.com) had failed to comply with the provisions of section 31 of the then applicable Danish Securities Trading Act by not presenting a mandatory takeover bid to the other shareholders in connection with the majority shareholders having obtained a controlling interest in Boliga Gruppen through several share transfers.
The Maritime and Commercial High Court found that a change of control of Boliga Gruppen occurred in connection with the share transfers. In continuation thereof, the majority of the judges found that the majority shareholders were still under a duty to present a mandatory takeover bid to the shareholders in Boliga Gruppen, including the minority shareholders represented by Accura. The Maritime and Commercial High Court also held that “generally, any entitled shareholder may raise a claim concerning a duty to make a general offer, irrespective of whether such duty, due to its general nature, will also affect other minority shareholders.”
In continuation of the Maritime and Commercial High Court’s judgment, a mandatory takeover bid has been presented to the minority shareholders.