3rd Circ. Remands Irex Merger Row Following Court Review

Law360, Philadelphia (September 19, 2012, 6:46 PM EDT) -- Acting on a July ruling by the Pennsylvania Supreme Court allowing post-merger challenges to proceed in cases of fraud and fundamental unfairness, the Third Circuit on Wednesday remanded Mitchell Partners LP's complaint against Irex Corp. back to district court for hearing on the merits.

The Third Circuit’s decision comes two months after the state Supreme Court responded to a certified question asking the justices to interpret whether the Pennsylvania Business Corporation Law allowed minority shareholders to challenge mergers once they have been consummated, and allows Mitchell’s...
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