The Delaware Court of Chancery, in Arkansas Teacher Retirement System v. Alon USA Energy, Inc., et al., C.A. No. 2017-0453-KSJM, memo. op. (Del. Ch. June 28, 2019), found a former stockholder conceivably had standing as a third-party beneficiary to sue for breach of a Stockholder Agreement between a merger target and its acquirer, which imposed merger restrictions similar to 8 Del. C. § 203.
K&L Gates discusses the decision in Delaware Court of Chancery Holds that Third-Party Stockholder has Standing to Enforce Anti-Takeover Protections.