Chancery Rejects Bid To Unwind $170M Furniture Co. Merger
Law360 (August 17, 2018, 9:57 PM EDT) -- A Delaware Chancery judge on Friday sided with directors of furniture company Design Within Reach Inc. and its hedge fund backers at Glenhill Capital Management LP, and rejected investor claims that a roughly $170 million merger with Herman Miller Inc. should be voided because of a quickly fixed mistake.
In an 83-page opinion, Chancellor Andre G. Bouchard validated measures taken by Herman Miller to rectify an error that had diluted ownership stake and wrote that investor had sought an "inequitable windfall" because of the mistake. The chancellor also ruled that investors' allegations of fraud and breaches in fiduciary duty were unfounded....
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