Vice Chancellor Lori Will, of the Delaware Court of Chancery. Courtesy photo.
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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