Facts
- The claimants submitted a fixed price bid for shares in the defendant’s company
- Another party made a referential bid; of a fixed amount more than any other offers
Issue
- Could such a referential bid be allowed
Decision
- No, claim succeeded
Reasoning
- As the defendants were bound to accept the highest bid, the referential bid did not have a fixed ammount attached to it and as such could not be accepted or even submitted
