Chancery OKs $2.4M Atty Fee In Tribune Poison Pill Drop
Law360 (April 15, 2021, 3:46 PM EDT) -- Saying that corporate benefit gains justified a $2.4 million award, a Delaware vice chancellor on Thursday approved a stockholder suit settlement that scuttled a "poison pill" anti-takeover plan adopted in 2020 by Tribune Publishing Company.
Vice Chancellor Kathaleen S. McCormick, ruling during a teleconference, said that court precedent, risks taken and results gained favored the payment for the continent case brought against Tribune, its directors and Computershare Trust Company NA last year.
The suit challenged anti-takeover provisions purportedly driven by company concerns that pandemic-related market weaknesses and stock price declines could encourage fast stock moves by takeover-minded investors. Tribune's plan targeted...
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