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Court Of Chancery Upholds Acceptance Of One Offer Without Market Check
Posted In M&A
In re Plains Exploration & Production Company Stockholder Litigation, C.A. 8090-VCN (May 9, 2013)
As this decision points out again, when a board of directors is disinterested in the transaction, its decision to accept the first offer for its company does not run afoul of the Revlon doctrine just because there was no pre-agreement market check. Instead, their decision is subject to the business judgment rule.
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