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The law, the Michigan Control Share Acquisitions Act, was created to protect Michigan companies from corporate raiders.
In her decision yesterday, Judge Roberts said that Taubman Centers had "raised serious legal questions regarding interpretation of the Michigan Control Share Acquisitions Act," adding that the law has "yet to be clearly addressed by this circuit".
Unfortunately, Simon's outlandish contention under the Michigan Control Share Acquisitions Act -- a law expressly designed to protect Michigan companies from an acquisition by raiders the likes of Simon -- does seem to have stuck for the moment".
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The committee announced it will explore the sale and acquisition of BHS, including whether the directors of Green's Arcadia and Chappell's Retail Acquisitions acted as best they could to fulfil their statutory duties.
Transfers of land are currently controlled by a land acquisition act dating from 1894.
These include implementation of the real estate regulator and the Land Acquisition Act.
So the Land Acquisition Act is not an easy act to make, but we are almost there.
Mr Mukherjee admits there is a problem, and talks hopefully of the "expeditious" passing of a land-acquisition act.
More than 480 families protested against a proposed compensation package that, they said, undervalued their homes by 50% and was based on an obsolete land acquisition act dating from 1967.
Judge Roberts ruled that Robert Taubman, Mr. Taubman's son and the chairman and chief executive of Taubman Centers, was in breach of the Michigan Control Share Acquisition Act by forming a blocking group without a vote of disinterested shareholders.
This compulsory purchase, or "eminent domain" as it is called in America, invoked the 1894 Land Acquisition Act, which allows the government to take private land for a public purpose.
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