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Expert Analysis

Nearing 30, Is Revlon Showing Its Age?

Law360, New York ( November 14, 2014, 12:04 PM EST) -- Nearly 30 years ago, in Revlon Inc. v. MacAndrews & Forbes Holdings Inc. , the Delaware Supreme Court famously dictated that in certain "sale or change in control" transactions, the fiduciary obligation of a target corporation's board of directors is simply to "get[] the best price for the stockholders. " Much has been written about Revlon in the decades since. But with The Dwindling of Revlon, professors Lyman Johnson and Robert Ricca provide a refreshingly new perspective on the iconic doctrine. Focusing on remedies, the coauthors argue that corporate law has evolved around Revlon, dramatically diminishing the doctrine's importance. . . .

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