The Delaware Court of Chancery has rejected a request for roughly $3.2 million in fees by attorneys representing shareholders of oil and gas giant TPC Group Inc. Although the attorneys claimed the litigation resulted in the acquiring entity raising its offer to $45 per share, the court ruled the increased offer was ultimately related to the emergence of competing bidders.
“No matter how the evidence is weighed, plaintiffs’ contributions were minimal,” said Vice Chancellor John W. Noble in In re TPC Group Shareholders Litigation. “The litigation achieved no defined benefit that might have facilitated a price increase.”
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