Delaware Court Of Chancery Declines To Apply Business Judgment Deference To Take-Private Merger Because Of "Deficiencies" In MFW Protections, Including That The Conditions Were Not Irrevocable
Shearman & Sterling
AUGUST 19, 2021
On July 23, 2021, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery denied defendants' motion to dismiss breach of fiduciary duty claims brought by a putative class of minority stockholders of Empire Resorts, Inc. (the "Company") challenging the Company's take-private acquisition by the Company's majority shareholder.
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