The Delaware Court of Chancery, in In re Homefed Corp. Stockholder Litigation, C.A. No. 2019-0592-AGB (consol.), memo. op. (Del. Ch. July 13, 2020), rejects application of business judgment review to a squeeze-out merger where the controlling stockholder imposed conditions under M&F Worldwide after stopping and restarting special-committee negotiations and after allegedly negotiating price with a large minority holder.
NEW: Fried Frank discusses the decision in Decision Highlights Risk a Controller’s Direct Discussions With Minority Stockholders May Render MFW Unavailable – In re HomeFed.
Stinson discusses the decision in Homefed: MFW Conditions Not Timely Implemented.
Frank Reynolds discusses the decision in Delaware Chancellor won’t dismiss HomeFed merger challenge where protections weren’t ab initio.
$$$ Law360 discusses the decision in Chancery Won’t Toss $189M Jefferies-HomeFed Merger Suit.