Iowa LLC Blog
Delaware Chancery Court issues an important ruling on poison pills and hostile takeovers
Feb. 20, 2011 – J. Marc Ward, Iowa LLC Blog
In a comprehensive, 153-page ruling, Chancellor Chandler provides a detailed overview of the responsibilities of a target board when faced with a structurally non-coercive, all-cash, fully financed hostile takeover. In his opinion in Air Products and Chemicals, Inc. v. Airgas, Inc. (Civil Action No. 5349-CC and Civil Action No. 5256-CC, February 15, 2011), Chandler almost begs the Delaware Supreme Court to overrule him.
The full version of this article is available online at Ward on Iowa Limited Liability Company Law.
Tags: Air Products and Chemicals Inc. v. Airgas Inc, corporate governance, Delaware Chancery Court ruling on hostile takeovers, Delaware Chancery Court ruling on poison pills, Unocal two-prong test