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M&A Disputes in the Courts

Murray Rosen QCPartner and Head of Advocacy Unit 13 May 2010

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Inside the English legal mind

With thanks to Steuart & Francis: “Lawyers Uncovered”

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English law, English language

• The Common law

• English advocates and judges

• London courts and institutions

• The cross-border experience

• Regulatory complications

• Emerging markets

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Mergers and acquisitions

• Putting businesses together

• Company takeovers and joint ventures

• Falling out in private and public

• State resolution versus contractual resolution

• The precedent system

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How English lawyers argue disputes

Witness for the Prosecution (1957) - Marlene Dietrich & Charles Laughton

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Some common issues

• Contract and tort (fraud and negligence)

• Performance issues - indemnities and warranties

• Misrepresentations and material change of circumstances

• Contractual estoppel

• Price and damages - valuations

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Contractual estoppel: non-reliance and no-knowledge

• Non-reliance

Peekay v ANZB Group [2006] 2 Ll Rep 511 Tital Wheels v RBC [2010] EWHC 211 (Comm)

• No-knowledge

Eurocopy v Teesdale & others [1992] BCLC 1067 Infiniteland v Artisan Contracting [2005] EWCA Civ 758

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Price and damages - valuations

• Thomas Witter v TBP Inductries [1996] 2 All ER 573

• Lion Nathan v CC Bottlers [1996] 1 WLR 1438

• Macquarie Int’le v Glencore UK [2009] EWHC 2267 (Comm)

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Where to sue ? Or where to ….

* No reference is intended to any recent Hollywood film

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English Court v Arbitration - factors

• Choice of decision-maker(s), venue and language

• Procedures (internal and external)

• Confidentiality and integrity

• Speed, finality and appeals

• Enforcement

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Murray Rosen QC Head of Advocacy UnitMurray Rosen QC Head of Advocacy Unit T +44 (0)207466 2262 E murray.rosen@herbertsmith.comT +44 (0)207466 2262 E murray.rosen@herbertsmith.com