Court reserves judgment in BHL matter

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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.

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