K. Tyler O'Connell of Morris James. Supreme Court Affirms Decision That the SolarCity Acquisition was Entirely Fair
Writing for the court en banc, Justice Karen L. Valihura explained why the stockholder-plaintiffs' arguments did not undermine the Court of Chancery's conclusions as to either "fair dealing" or "fair price."
June 14, 2023 at 09:02 AM
5 minute read
Contributors
The Delaware Supreme Court recently affirmed the Delaware Court of Chancery's 2022 post-trial decision that Tesla's 2016 all-stock acquisition of SolarCity Corp. satisfied the entire fairness standard of review, and thus did not involve breaches of fiduciary duty. See In re Tesla Motors Stockholders' Litigation, ___ A.3d ___, 2023 WL 3854008 (Del. Jun. 6, 2023). The stockholder-plaintiffs argued on appeal that the Court of Chancery erred in its application of the entire fairness standard. Writing for the court en banc, Justice Karen L. Valihura explained why the stockholder-plaintiffs' arguments did not undermine the Court of Chancery's conclusions as to either "fair dealing" or "fair price."
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