No Market Check? No Problem

Law360, New York (May 15, 2013, 8:19 PM EDT) -- A Delaware judge effectively blessed the sale of Plains Exploration & Production Co. last week even though Plains never looked for a higher bid — a reminder that boards have a lot of leeway in crafting an arms-length deal, even if shareholders don't like it, attorneys say.

Vice Chancellor John Noble refused to grant an injunction blocking Plains' $6.9 billion sale to Freeport-McMoran Copper & Gold Inc., despite the fact that Plains' board didn't shop the company around before or after it signed up with Freeport....
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