Delaware's top court upheld a legal framework requiring heightened scrutiny of insider transactions, rejecting Barry Diller's attempt to streamline M&A dealmaking. The court also revived a case challenging Diller's spinoff. The Delaware Supreme Court emphasized committee independence in a Match Group decision and undid a Chancery Court dismissal of a challenge to reverse-spinoff from IAC Interactive. A vice chancellor approved an agreement for Digital World Acquisition Corp. to pay legal costs for its former CEO. The court reiterated its intent to protect minority investors in transactions between companies and their controlling stockholders. Additionally, the court agreed to review a ruling in a dispute over a $236 million settlement involving ex-Xerox unit, with potential challenges due to carrier counsel's conduct. The Delaware Court of Chancery dismissed a $1 billion suit against Carvana following agreement with SLC.
Delaware Court of Chancery Agrees with SLC, Dismisses $1 Billion Suit Against Carvana https://t.co/nmqhUubhDC
The Delaware Supreme Court handed insurers a victory when it agreed to review a ruling setting aside a favorable verdict for the carriers in a dispute over an ex-Xerox unit's $236 million settlement, but carrier counsel's conduct may present challenges. https://t.co/c63NvFVZqy
The Delaware Supreme Court reiterated its intent to protect minority investors effectively powerless to sway transactions between companies and their controlling stockholders. https://t.co/E6ho6jyAan
A Delaware vice chancellor has signed off on an agreement between Donald Trump-tied Digital World Acquisition Corp. and its former CEO to have the venture pay his legal costs related to federal probes and litigation in multiple states. https://t.co/s7zYwsnX2q
Delaware's Supreme Court undid a Chancery Court dismissal of a challenge to https://t.co/n9VsBbIwfm's reverse-spinoff from IAC Interactive, in a case rejecting the lower court's finding that Match had justified the use of a less onerous fairness test. https://t.co/X4cv2dh3hv
Delaware Supreme Court Stresses Committee Independence In Match Group Decision https://t.co/DD6fw0yW6e
Delaware's top court revived a case challenging billionaire Barry Diller's spinoff of https://t.co/1mg1vtyiTS. https://t.co/h6eXmfX31X
Delaware’s top court upheld a legal framework requiring heightened scrutiny of certain insider transactions, rejecting an invitation from billionaire Barry Diller to streamline M&A dealmaking between companies and their controlling stockholders. https://t.co/lFg4LK8iFM