February 2005
Lawyer;2/28/2005, Vol. 19 Issue 8, p72
Trade Publication
The article reports that lawyer Mark Rawlinson took a strong stance on a board's fiduciary duty to shareholders when advising on the failed P&O Princess-Royal Caribbean merger. At the behest of Royal's investment bankers Goldman Sachs, P&O, advised by Rawlinson, agreed to a highly controversial 2 per cent break fee, plus a joint venture that was seen by P&O's rival suitor Carnival as a poison pill. The Takeover Panel did rule retrospectively that duallisted company mergers would in future be covered by the Takeover Code and therefore subject to a maximum break fee of just 1 per cent.


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