SDS wins judgement against takeover target

THE long-running legal battle surrounding SDS Corporation’s takeover of fellow drillbit manufacturer International Drill Quip may have reached a conclusion after Western Australia's Supreme Court last week dismissed an appeal by Drill Quip against an earlier adverse ruling.
SDS wins judgement against takeover target
SDS wins judgement against takeover target
SDS wins judgement against takeover target
SDS wins judgement against takeover target
SDS wins judgement against takeover target

“The Full Court of the Supreme Court of Western Australia today dismissed the appeal instituted by Pasdonnay Pty Ltd and IG Rear with costs awarded to SDS,” the company said in a release on Friday.

“The Board of SDS is currently considering the judgment and its effect.”

In February last year Justice Roberts-Smith found in favour of SDS, ordering it was entitled to specific performance of the Business Asset Sale Agreement entered into between SDS, Pasdonnay Pty Ltd and IG Rear and damages to be assessed.

Rear said he was meeting with his financial advisors and was not able to say whether he would continue his legal defence in light of the two negative judgements.

Moir said he hoped this would the last impediment before SDS wrapped up the acquisition of Internation Drill Quip.

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