Strine-Laster Clash In Spotlight With Del. Aruba Appraisal
By Jeff Montgomery (April 17, 2019, 10:33 PM EDT) -- Barely concealed between the lines of the Delaware Supreme Court's opinion Tuesday reversing the Chancery Court's Aruba Networks Inc. appraisal were signs of long-developing, deep differences between Chief Justice Leo E. Strine Jr. and Vice Chancellor J. Travis Laster that belie the collegial reputation the state touts for its venerable judiciary.
In its reversal, the justices' opinion branded Vice Chancellor J. Travis Laster's decision to value Aruba's stock at 30% below the deal price in its $2.8 billion merger with Hewlett-Packard Corp. an abuse of discretion unsupported by the litigation record. The Supreme Court instead directed a $19.10 per share payout...
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