How Not To Bring M&A Suits — Lessons From Chancery Court

Law360, New York ( July 11, 2014, 10:23 AM EDT) -- In a virtual course on how to bring — or not bring a mergers and acquisitions strike suit, on June 30, the Delaware Chancery Court dismissed all shareholder claims against a merger target and its acquirer, ending nearly two years of litigation. Though the allegations are familiar in the strike-suit context, the 45-page opinion that this roughly $100 million merger yielded is notable for its methodical tour of Delaware fiduciary duty law, 102(b)(7) exculpatory provisions and so-called Revlon duties. The roadmap opinion should be required reading for directors considering a merger. . . .

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