Chancery Axes Challenge To United Capital Corp. Buyout
Law360, Wilmington (January 4, 2017, 9:04 PM EST) -- A Delaware Chancery judge on Wednesday tossed claims challenging United Capital Corp. chairman and CEO A.F. Petrocelli’s buyout of the company, which had an implied total equity value of $186.6 million, ruling that shareholders had enough information about the deal and should seek appraisal if they think it’s undervalued.
In a 25-page opinion, Vice Chancellor Tamika Montgomery-Reeves wrote that the minority shareholders’ allegations actually show that they had sufficient information about the deal and they had in fact enough data to form an argument that the deal consideration, at $32 per share for the 6 percent stake in the company Petrocelli...
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