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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
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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