Pursuant to s.238 of the Cayman Islands Companies Law (2016 Revision), shareholders who are dissatisfied with the price they receive for their shares in a merger are often entitled to dissent and to have the "fair value" of their shares determined by the Grand Court.

The jurisprudence surrounding this relatively new species of proceedings continues to evolve at a rapid rate. In the most recent installment, the Court has reaffirmed its jurisdiction to award dissenters an interim payment early in the proceedings, in the amount for which they are likely to succeed at trial (in this case, the merger price, on the basis that the company had effectively affirmed that it represented the fair value of the shares).

That is significant for would-be dissenters, as it means they do not have to wait until the end of the litigation to receive a significant payment. The full text of Mangatal J's decision in Re Qunar Cayman Islands Limited (26 June 2017) can be found here.