In its decision of 9 May 2008, the Supreme Court ruled that a shareholder’s notice declaring an intention to sell shares in a private limited liability company, according to which other shareholders may exercise their pre-emptive rights, should not be considered as an offer to conclude an agreement. According to the reasoning of the court, a shareholder is obliged by law to give notice of intention to sell shares and the notice evidently lacks the main feature of an offer – free will. That is why the notice should not be considered as an offer to enter into contractual relations. Despite this, the Court of Appeals in its decision of 4 December 2008 deviated from the position of the Supreme Court and stated that a shareholder’s notice declaring an intention to sell shares can be recognised as a binding offer. This ruling of the Court of Appeals resurrects questions apparently resolved by the Supreme Court.