The Delaware Court of Chancery has dismissed a lawsuit filed by shareholders of Morton's Restaurant Group Inc., who alleged that the steakhouse chain's directors undervalued the company when they sold it to billionaire Tilman Fertitta for $116.6 million in 2012. In dismissing the case, the court held that the directors had shopped for the best possible price and the sale was approved by a board of disinterested directors.
Chancellor Leo E. Strine Jr. issued the opinion in In re Morton's Restaurant Group Shareholders Litigation.
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