A Lesson In Delaware Court Scrutiny Of Transactions

Law360, New York (June 14, 2010, 1:19 PM EDT) -- Recently, the Delaware Chancery Court issued a preliminary injunction blocking the closing of a merger until corrective disclosures are made on three issues in the corporation’s proxy statement. In Maric Capital Master Fund Ltd. v. Plato Learning Inc. et al., 2010 WL 1931084 (Del. Ch., May 13, 2010), the court enjoined the cash acquisition of Plato Learning Inc. by Thoma Bravo LLC (TB) for $5.60 per share just six days before the scheduled stockholder meeting to approve the transaction and two weeks before the termination date...
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