Top-Up Option, We Hardly Knew Ye

Law360, New York (April 26, 2013, 5:39 PM EDT) -- Top-up options, the clunky workaround for tender offers stuck in no-man's land, are on their way out, courtesy of a change to Delaware merger law that attorneys are cheering as a common-sense fix.

Delaware's governor is expected to approve an amendment to the state's merger law that will allow a buyer who wins a simple majority of a target's shares in a tender offer to close the acquisition without a full shareholder vote. Attorneys say the change, which adds a new subsection to Section 251 of...
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