Thursday, June 7, 2007
Mark A. Morton has posted to the Harvard Law School Corporate Governance blog his latest practitioner-oriented article, Buyer Beware: The Fiduciary Duties of a Buyer’s Board. The article concerns the recent Delaware Chancery Court decision, Energy Partners, Ltd. v. Stone Energy Corp. According to Mark:
The article discusses the fiduciary duties of buyer boards and posits that buyer boards may, in the appropriate circumstances, need to bargain for contractual flexibility to deal with jumping bids for the buyer. The article was published in the Spring 2007 issue of Deal Points, the official publication of the Negotiated Acquisition Committee of the American Bar Association.
There hasn't been much written on this subject (fiduciary duties of buyer's board), so this will be a helpful contribution to the area.