Delaware Supreme Court Confirms Tender Offer and Vote Equivalence in Determining Standard of Review for Post-Closing Damages

On February 9, 2017, in Lax v. Goldman, Sachs & Co., the Delaware Supreme Court summarily affirmed the Court of Chancery’s decision in In re Volcano Corp. Stockholder Litig. that held that business judgment review applied to a change of control transaction structured as a tender offer and merger under Section 251(h) of the Delaware General Corporation Law and was not subject to rebuttal once the Court concluded that a majority of fully informed, uncoerced, disinterested stockholders tendered into the offer.

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