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Delaware Court of Chancery Denies Directors’ Attempt to Restrain Controlling Stockholder from Exercising Control, Citing “Tension” in the Law

Articles & Publications

May 2018
By: K. Tyler O'Connell
ABA Business Law Today

In CBS Corporation v. National Amusements, Inc., 2018 WL 2263385 (Del. Ch. May 17, 2018), the Delaware Court of Chancery expeditiously considered and denied a request by independent directors of CBS Corporation (CBS) to restrain its controlling stockholder, National Amusements, Inc. (NAI), from interfering with a board vote on a stock dividend to dilute NAI’s voting control. 

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