A Key Reminder When Putting A Del. Company Up For Sale

Law360, New York (August 23, 2013, 3:06 PM ET) -- A key reminder arises from the Delaware Court of Chancery in SEPTA, et al., v. Volgenau, et al., CA No. 6354-VSN (Del. Ch. Aug. 5, 2013) — in putting a company up for sale, in a transaction between a controlling stockholder and a third-party, directors of a Delaware corporation can enjoy the judicial deference afforded by the business judgment rule (and avoid the much stricter entire fairness standard) by following certain procedural safeguards.

This decision comes a few months after this court addressed a similar issue...
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