An acquired company’s attorney-client privilege is an asset that belongs to the post-merger entity, the Delaware Court of Chancery has ruled. The court issued the opinion when it denied a purchased company’s request to retain control over pre-merger communications with its attorneys that included information that may have scuttled the deal.
Affiliates of Great Hill Partners, a Boston private equity firm, filed a September 2012 lawsuit alleging that Plimus Inc.’s management fraudulently induced them to overpay for the company. The plaintiff claimed that Plimus, a Fremont, Calif., e-commerce company, did not disclose problems that would have terminated the $115 million transaction.
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