Chancery Won't Revive Suit Over OM Group’s $1B Apollo Sale
Law360, New York (December 20, 2016, 7:04 PM EST) -- Delaware's Chancery Court has said it will not allow OM Group Inc. shareholders to reargue their recently dismissed suit targeting the company’s board members over its $1 billion buyout by Apollo Global Management, finding that the court adequately considered the evidence at hand.
The shareholders had sought to reargue their case, which was dismissed in October by Vice Chancellor Joseph R. Slights III on the grounds that the shareholder vote protected the directors through the business judgment rule. They argued that the court failed to consider the board’s decision to hire Deutsche Bank as a secondary financial adviser, on a contingent...
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