Merger Litigation Hit With Major Blow
January 28, 2016
Delaware’s Chancery Court will be “increasingly vigilant” about not signing off on merger litigation that looks to benefit only the lawyers who bring it, said chief corporate judge Chancellor Andre Bouchard. The warning comes in a rejection of a settlement over the merger of real estate websites Trulia Inc. and Zillow Inc., which has been closely watched since it was filed 16 months ago. Fordham Law professor Sean Griffith called the decision “a nail in the coffin” for the “easy, automatically approved settlement.” The additional information uncovered in the Trulia case mostly consisted of “trivialities” that were “not material or even helpful to Trulia stockholders,” Bouchard wrote.
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