Why Draft A Standstill Provision When 'Between' is Enough?

Law360, New York (May 23, 2012, 3:14 PM EDT) -- In Martin Marietta Materials Inc. v. Vulcan Materials Company, the Delaware Chancery Court found that in pursuing a hostile exchange offer and launching a related proxy contest, a bidder violated a confidentiality agreement that did not contain an explicit standstill provision. Because of the breach, the court enjoined the bidder from any change of control transaction, acquisition of assets or shares or pursuing any proxy contest with respect to the target company for a four-month period.

Background

For over a 10-year period, Martin Marietta and Vulcan...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.