Del. High Court Affirms MFW Ruling In Win For Boards

Law360, New York (March 14, 2014, 12:10 PM EDT) -- Delaware's high court on Friday affirmed former Chancellor Leo E. Strine Jr.'s In re: MFW ruling that dealt a significant blow to shareholder suits challenging controlling-party buyout deals, a much-anticipated landmark decision that definitively reshapes how the courts will treat such takeovers.

In a decision last year, former Chancellor Strine set up a more lenient courtroom review of such transactions, as long as they include a capable committee of independent directors and require that a majority of noncontrolling shareholders sign off on the terms.

"A transactional...
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