Mergers & Acquisitions
Feb. 7, 2012
Acquisitions: A unique defense for publicly traded companies under attack
A special state law protects directors from actions challenging the acquisition of their company. By Chet Kronenberg, Ben Gold and Colin Rolfs of Simpson Thacher & Bartlett LLP
Shareholders of publicly traded companies almost always bring suit after announcement of an acquisition. Shareholders typically claim that the target's directors violated their fiduciary duties by failing to maximize shareholder value and to disclose sufficient information to shareholders. When faced with motions to preliminarily enjoin proposed acquisitions, defendants often settle rather than risk delaying consum...
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