Going Private Deals Involving A Controlling Stockholder

Law360, New York (August 18, 2010, 1:22 PM EDT) -- A recent Delaware Chancery Court decision, In re CNX Gas Corp. Shareholders Litigation, has important implications to a developing and significant area of Delaware law over the past decade: the standard of legal review applicable to going private transactions involving a controlling stockholder.

Specifically, the decision imposes heightened requirements for controlling stockholders and boards of directors seeking to obtain the more deferential “business judgment” standard of review for claims brought in connection with freeze-out transactions involving a unilateral tender offer followed by a short-form merger....
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