January 12, 2007
Caremark Takeover Case
The newly filed case against the directors of Caremark RX on the pending merger with CVS will ask the Delaware courts to face a very difficult problem -- when does the post deal compensation position of the insiders on the board create a disabling conflict of interest? The case also presents another challenge to common deal protection covenants -- the "no-shop" and "last-look" provisions.
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