KAR Auction's $210M Openlane Buy Gets Green Light

Law360, Wilmington (October 3, 2011, 7:33 PM EDT) -- A Delaware judge on Friday refused to block KAR Auction Services Inc.’s $210 million purchase of rival auto auctioneer Openlane Inc., rejecting claims by a proposed class of shareholders that Openlane’s board shirked its fiduciary duty and cleared the deal at an inadequate price.

Vice Chancellor John Noble found the board’s “impeccable knowledge” of Openlane’s operations made its decision approving the deal reasonable despite a sale process that lacked many of the usual safeguards to ensure shareholders get the best possible price.

“The facts show that...
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