Publication Date: 2019-05-01
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory
Court: Delaware Supreme Court
Judge: Per Curiam
Attorneys: For plaintiff: Michael J. Barry, Christine M. Mackintosh, Michael T. Manuel and Rebecca A. Musarra, Grant & Eisenhofer P.A., Wilming-ton, DE for petitioners.
for defendant: Michael P. Kelly, Steven P. Wood and Daniel J. Brown, McCarter & English, LLP, Wilmington, DE; Marc J. Sonnenfeld, Karen Pieslak Pohlmann and Laura Hughes McNally, Morgan, Lewis & Bockius LLP, Philadelphia, PA for respondent. Ned Wein-berger, Derrick Farrell and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE for amici curiae professors in support of petitioners. Gregory P. Williams, Richards, Layton & Finger, P.A., Wilmington, DE for amici curiae professors in support of respondent.
Case Number: D68549
The chancery court abused its discretion in this statutory appraisal proceeding when valuing the shares by deducting unspeci-fied reduced agency costs from the deal price.