Chancery OKs $12M Attorney Fee In Versum Merger Suit

Law360 (July 16, 2020, 12:56 PM EDT) -- A Delaware vice chancellor awarded a hefty $12 million fee Thursday to a class attorney team that won removal of poison pill measures that threatened to block Versum Materials Inc. from taking a $1.2 billion higher alternative bid in a 2019 merger.

Vice Chancellor J. Travis Laster, in a nearly hourlong oral ruling immediately after fee arguments, acknowledged the outcome — amounting to a nearly $10,700-per-hour rate — gave him "pause" and was "at the higher end of the range." But the result, he said, partly reflected an "aggressive" position taken by Versum's counsel against any award, or an award beyond...

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