The Delaware Supreme Court has affirmed the Court of Chancery’s dismissal of a unitholder lawsuit alleging that a general partner of K-Sea Transportation Partners LP received excess consideration for its units when the shipping company’s conflicts committee approved a $332 million merger with Kirby Corp. K-Sea’s general partner obtained a fairness opinion reviewing the entire merger, which, under the limited partnership agreement, fulfilled its obligation to act in good faith, the high court ruled.
The en banc court issued the 30-page decision in Norton v. K-Sea Transportation Partners.
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