Strine Lays Out Controller's Path To Bulletproof Takeover

Law360, New York (May 30, 2013, 8:51 PM EDT) -- Chancellor Leo E. Strine Jr. on Wednesday laid out a blueprint that would make controlling-party takeovers virtually bulletproof to shareholder challenges, a ruling attorneys say could make deal lawsuits far easier to dismiss.

The chancellor ruled that when a company sells out to a controlling party, the deal will be subject to a more relaxed standard of review as long as it includes two things: a strong special committee of independent directors, and a requirement that a majority of the noncontrolling shareholders vote for the deal....
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