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Heron International Ltd v Lord Grade

[1983] BCLC 244

Case summary last updated at 23/01/2020 17:35 by the Oxbridge Notes in-house law team.

Judgement for the case Heron International Ltd v Lord Grade

Were two takeover bids for a company; board of directors accepted lower bid and was able to take action to enforce this choice on shareholders. Shareholders sued for loss in value of shares. Held:
·       Company’s loss was distinct from that of shareholders:
i)         Company’s assets were harmed as it was unclear that the relevant regulator would allow lower bidder to operate in that industry
ii)        Shareholder’s assets were harmed as they were unable to accept a higher offer for their shares
·       Thus no reflective loss principle does not apply.

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