Corporate
May 17, 2014
Ruling offers 'poison pill' guidance
A Delaware court recently ruled on a preliminary injunction motion seeking to enjoin Sotheby's annual shareholders meeting. By Scott R. Haber and Christopher R. Drewry
In Third Point LLC v. Ruprecht, C.A. No. 9469-VCP (Del. Ch. May 2, 2014), the Delaware Court of Chancery ruled on a preliminary injunction motion seeking to enjoin Sotheby's annual shareholders meeting. Third Point LLC, an activist investor, and other shareholders, claimed that Sotheby's board of directors adopted and refused to waive a two-tier shareholder rights plan, or "poison pill," for the...
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