"He points out that the “no talk” and “no due diligence” obligations do not apply to Competing Proposals (as defined) that were not solicited by ResApp in breach of cl 11.2(a), and that the terms of the fiduciary and statutory carve out in cl 11.3(a)-(b) are also common and practically workable for the board of ResApp if a competing proposal is received. He draws attention to Dr Keating’s evidence that the board of ResApp took advice on these clauses, that they were negotiated at arm’s length and the board considered that they would not prevent a competing bidder."
RAP Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
