The case confirms that performance risk in schemes of arrangement can be adequately addressed by requiring the acquirer to perform its consideration obligations before shares are transferred or rights cancelled, supported by deed poll covenants and enforcement mechanisms, as an alternative to trust fund arrangements. An exclusivity period of approximately 7.5 months is within the range of reasonable periods for acquisition schemes. A no-shop clause need not be subject to a fiduciary carve-out, but a no-talk clause must contain such a carve-out.
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