The Delaware Court of Chancery, in Bucks County Employees Retirement Fund v. CBS Corp., C.A. No. 2019-0820-JRS, memo. op. (Del. Ch. Nov. 25, 2019), granted inspection of CBS’s books and records, finding investigating a planned merger between CBS and its sister company that CBS’s board had twice rejected in the past constituted a proper purpose.
NEW: Morris James discusses the decision in Chancery Finds Proper Purpose in Books and Records Demand to Investigate Potential Wrongdoing in CBS-Viacom Merger, Orders Narrowed Inspection that Includes Electronic Documents.
Professor Ann Lipton discusses the decision in the context of the larger dispute between the CBS boar and its controlling stockholder in Still more to talk about at CBS.
Frank Reynolds discusses the decision in Chancery orders 11th hour records for CBS Corp. investor’s probe of Viacom merger plan.
Reuters discusses the decision in CBS ordered to disclose internal records on Viacom deal.