Key Issues To Watch As Coty Investor Suit Proceeds

By Gail Weinstein, Steven Epstein and Mark Lucas (October 27, 2020, 6:00 PM EDT) -- The Delaware Court of Chancery's recent decision in In re: Coty Stockholder Litigation indicates that a de facto controller's acquisition of actual majority voting control may be viewed by the court as a benefit to the controller and a harm to the remaining stockholders — thus opening the door to potential damages based on the stockholders' claim that they were harmed by a fiduciary breach in connection with the acquisition.

Coty involved JAB Holding Co.'s acquisition of shares in Coty Inc. through a partial tender offer. Prior to the tender offer, JAB owned 40% of Coty's outstanding shares and had effective...

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