High Court rejects hedge fund Expro deal block

Daily Telegraph- The High Court has rejected an audacious last-gasp bid by hedge funds to block Candover’s £1.8bn bid for oil services group Expro.

Hedge funds holding around 25pc of Expro – led by Mason Capital and Sandell Asset Management – asked the court on Monday to block the deal and force Expro’s board to reconsider a riskier – but higher – offer from US giant Halliburton. But yesterday Mr Justice David Richards dismissed the argument by the hedge funds’ lawyers that under Takeover Panel rules Expro should have run an auction between the two rivals.

"I do not accept the criticisms of the board made by the shareholders," said Mr Justice Richards.

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