Major court success for minority shareholders of a de-listed company represented by Souriadakis Tsibris

20/01/2019 Souriadakis Tsibris successfully represented former minority shareholders of a leading super market operating company in the Athens Court of First Instance, against a multinational group, currently being the former’s parent company.

The former minority shareholders filed a lawsuit requesting the payment of a fair price for the mandatory acquisition (squeeze-out) of the shares of that issuer performed by its parent back in 2010. The Court of First Instance ruled that the parent shall pay an additional amount of € 11.9 million to the applicants, plus interest and court expenses. This is the first time a court adjudges that the price of a squeeze-out on the basis of the Greek takeover law provisions shall be reconsidered.