The Delaware Court of Chancery, in Chatham Asset Management, LLC, et al. v. George Papanier, et al. and Twin River Worldwide Holdings, Inc., C.A. No. 2017-0088-AGB, order (Del. Ch. Jan. 13, 2020), found non-disclosure of insider payments made ahead of a self-tender offer immaterial, where the payments equaled only 0.5% of the company’s market capitalization.
NEW: K&L Gates discusses the decision in Chancery Court Calls Plaintiffs’ Bet By Granting In Part and Denyng In Part Partial Motion to Dismiss Breach of Fiduciary Duty Claims In Case Alleging Failure to Disclose Material Facts and Structuring A Transaction For Defendants’ Personal Financial Benefit.
Morris James discusses the decision in Delaware Court of Chancery Grants Motion to Dismiss Disclosure Claims Because Hedge Fund had Sufficient Information to Consider Corporation’s Self-Tender Offer.