Del. Justices Say Chancery Didn't Bungle $170M Merger Call

By Rose Krebs (November 18, 2019, 8:14 PM EST) -- The Delaware Supreme Court on Monday affirmed a lower court ruling that refused to unwind a $170 million furniture company merger, rejecting Design Within Reach investors' argument that the state's chancellor violated "bedrock law" in allowing the use of corporate act correction rules to retroactively validate a controlling stockholder's holdings and the subsequent tie-up.

In a brief order, a three-justice panel let stand Chancellor Andre G. Bouchard's 83-page decision from August 2018 that sided with directors of Design Within Reach Inc. and its hedge fund backers at Glenhill Capital Management LP in rejecting investor claims that a roughly $170 million merger...

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