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Supreme Court Clarifies Unocal/Moran Relationship

Posted In M&A

Versata Enterprises Inc v. Selectica Inc. , C.A. 193, 2010 (October 4, 2010)

This is the most important clarification of Delaware law under the Unocal and Moran decisions in several years and is worth a close study.  The Supreme Court upheld the Court of Chancery decision that a 5% poison pill was valid under the Unocal tests and not preclusive under Moran despite the presence of a staggered board.

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