Del Monte: A Disclosure Case or More? | White & Case LLP International Law Firm, Global Law Practice
Del Monte: A Disclosure Case or More?

Del Monte: A Disclosure Case or More?

In a decision that was replete with criticism of an M&A process that appears to have achieved superior results, Vice Chancellor Laster of the Delaware Chancery Court temporarily enjoined, for 20 days, the stockholder vote scheduled to approve the leveraged buyout of Del Monte Foods Company. He also enjoined during that period the enforcement of the merger agreement's "no shop" provisions, the buyers' right to match a superior bid and the payment of the break up fee in certain circumstances, so that such provisions would not deter the emergence of a competing bidder.

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