The shareholders of beleaguered Dutch grocery giant Laurus will be able to approve the rescue deal offered by French giant Casino, after a commercial court in Amsterdam yesterday [Wednesday] rejected a plea to temporarily block the deal.
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The court agreed that Laurus had been lax in informing investors about its plans with Casino, but refused to delay the vote on the deal.
The Casino deal, which will see the France’s second largest retailer take a 38.6% stake in Laurus, will likely be approved at a shareholders’ meeting scheduled for Friday.
Laurus minority shareholder Eric Albada Jelgersma had asked the court to block the Casino deal, arguing that it was not in the best interests of the company or its shareholders. He had already resigned from the company’s board in protest at the deal.
Yesterday’s ruling may not be appealed, however Jelgersma’s spokesman Ruud Kiep insisted that he will still unveil alternatives to Casino’s proposals on Friday.
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By GlobalDataCasino meanwhile welcomed the ruling, confirming that if the court had found in favour of a delayed vote, it would have considered withdrawing its offer.
