New Del. High Court Rulings Scuttle Chancery Merger Suit
By Katryna Perera (October 1, 2021, 7:10 PM EDT) -- The Chancery Court of Delaware tossed a derivative suit against top investors of Talos Energy Inc. over a $1.1 billion oil field deal, saying the stockholders couldn't establish that there were quid pro quo agreements or that two private equity sponsors acted as a control group over Talos.
Vice Chancellor Morgan T. Zurn also cited two recent Delaware Supreme Court decisions on derivative and "dual-natured" stockholder claims in her order, noting that the stockholders' claims cannot survive based on these recent rulings.
In February, public shareholders of Talos argued that a flawed deal valuation and conflict-tainted acts led to an overpriced,...
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