Rural Metro Redefines Investment Banks' Role In M&A

Law360, New York (March 27, 2014, 1:36 PM EDT) -- An anxiously awaited Delaware Chancery Court opinion may be a milestone in the evolving dynamics between corporate boards of directors and investment bankers. While the opinion was merely confirmatory on well-trodden subjects like staple financing, ethical walls, and unfortunate emails unearthed during discovery, the opinion may prove landmark in redefining the role of investment banks in facilitating the fiduciary duty of care in mergers and acquisitions transactions.

In the March 7 Rural Metro opinion,[1] Vice Chancellor Travis Laster found Royal Bank of Canada liable for aiding and abetting breaches of fiduciary duty by Rural Metro's board of directors. RBC had been...

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