Zayo CEO Packed Board Ahead Of $14B Deal, Chancery Told

Law360 (May 19, 2021, 8:03 PM EDT) -- Stockholder attorneys told a Delaware vice chancellor Wednesday that the CEO of international communications infrastructure provider Zayo Group Holdings Inc. effectively packed the company's board ahead of an allegedly undervalued but personally beneficial $14.1 billion go-private deal.

Arguing via teleconference before Vice Chancellor Paul A. Fioravanti against Zayo Group CEO and board member Daniel Caruso's motion to dismiss the suit, Joel Friedlander of Friedlander & Gorris LLP said Caruso was the driving force in selecting the board, "which he had good reason to believe would not challenge him."

Events and conduct surrounding the deal, Friedlander said, warrant enhanced scrutiny rather than...

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