Criterion_Properties_plc_v_Stratford_LLC
Criterion Properties plc v Stratford UK Properties LLC [2004] UKHL 28 is a leading UK company law concerning takeover defences that a board of directors may employ to prevent a bidder buying shareholders' shares without the board's consent. It held that it is an improper use of a directors' power to frustrate a takeover bid through issuing a poison pill.
For public companies, the case is superseded by Rule 21 of the City Code on Mergers and Takeovers, which prohibits any action that frustrates a takeover bid.