Del. High Court Urged To Reverse Strine's MFW Decision

Law360, Wilmington (December 18, 2013, 8:20 PM EST) -- Investors suing over MacAndrews & Forbes Holdings Inc.'s takeover of affiliate M&F Worldwide Corp. told the Delaware Supreme Court on Wednesday that controller-led buyouts must be examined under the state's strict “entire fairness” standard, saying the Chancery Court wrongly allowed a more lax review.

But MacAndrews & Forbes contended that Chancellor Leo E. Strine Jr.'s May ruling, which permitted the deal to be scrutinized under the board-friendly “business judgment” standard, was correct because the requirements he laid out for the less stringent review — that it...
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