Pa. High Court Limits Minority Investors' Post-Merger Remedies

Law360, New York (August 6, 2012, 5:45 PM EDT) -- Under Pennsylvania law, minority shareholders are only entitled to legal hearings appraising their shares as their sole means of challenging cash-out mergers once a merger has been completed, the state Supreme Court ruled in an opinion lodged with the Third Circuit on Thursday.

The opinion comes as a response to a certification question from the Third Circuit as it considers a post-merger challenge brought by Mitchell Partners LP, an erstwhile minority shareholder in Irex Corp. that disputes Irex's 2006 merger with North Lime Holdings Corp. that...
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