Qunar Cayman Islands Limited: Court confirms interim payments are appropriate in Cayman Appraisal Actions

In Qihoo 360 Technology Co. Ltd (“Qihoo”) (unreported 26 January 2017) the Honourable Justice Quin held that the Grand Court had power to order an interim payment to be made by the Company to dissenters in fair value proceedings under Section 238 of the Companies Law (2016 Revision). He further held that the appropriate amount of such interim payment was the Company’s fair value offer made under Section 238(8), being the amount which the Company considered to be the fair value of the dissenters’ shares. Click here for more..