Tyson Foods Inc. on Tuesday asked the Delaware Supreme Court to overturn a landmark Court of Chancery decision that makes it harder for companies to back out of mergers.
The poultry giant wants the state’s top court to vacate Judge Leo E. Strine’s decision in IBP v. Tyson, in which he held that a short-term drop in corporate profitability does not constitute a material adverse effect. The company also is seeking to overturn six other Chancery Court rulings in the case.
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