In its decision of 9 May 2008, the Supreme Court ruled that a shareholders 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 shareholders 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.