Subsidiaries involved in producing cattle feed

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Reference no: EM132236126

Robert McCully was a minority shareholder of Jersey Company Limited. Jersey Company Limited was established to rear cattle in Freeport, Trinidad. Jersey Company Limited had two subsidiaries involved in producing cattle feed and cattle vitamins respectively. In August 2010, Jersey solicited shareholder approval for a corporate reorganization involving the merger of these two subsidiaries. McCully dissented as the cattle feed subsidiary was highly successful and the cattle vitamins subsidiary was losing money. Indeed, the cattle vitamins company only seemed to benefit the Chairman of the Board of Jersey Company Limited (also its majority shareholder) who was drawing a very large salary as the Chief Executive Officer of the cattle vitamins subsidiary. The majority shareholders forced a Board meeting of Jersey Company Limited which was only attended by the Chairman and voted for the reorganization to be consummated on November 30, 2008. Jersey Company Limited has offered McCully $3.2 million for his shares, which McCully rejected.

Advise McCully as to what he can do.

Reference no: EM132236126

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