Vice Chancellor Lori Will, of the Delaware Court of Chancery. Courtesy photo. Vice Chancellor Relies on 'Entire Fairness' Standard for Defense Verdict in Case Over Brokerage Deal
Vice Chancellor Lori Will has issued a rare defense verdict based on the "entire fairness" standard, finding both the negotiation process and price in a fintech acquisition were fair to shareholders.
August 24, 2022 at 01:10 PM
3 minute read
Vice Chancellor Lori Will has issued a rare defense verdict based on the entire fairness standard, finding both the negotiation process and price in a fintech acquisition were fair to shareholders.
The 113-page opinion states although the buyer, BGC Partners Inc., and seller, Cantor Fitzgerald, shared a controlling stockholder, the special committee formed to negotiate a sale was ultimately not swayed by any incentive he may have had to get BGC to pay a higher price.
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