M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Thursday, August 16, 2007

Accredited Home Loves Lone Star

Lone Star filed an amendment to its Schedule TO last night.  According to the amendment, as of the close of business on August 15, Lone Star had received tenders equal to approximately 91.5 percent of the outstanding shares of Accredited’s common stock.  Unfortunately for Lone Star, it likely won't be able to rely on a failure of the minimum offer condition to terminate its offer when the tender offer is again up for expiration. 

The amendment also disclosed that:

On August 14, 2007, the parties agreed to work on an expedited schedule for the proceedings and Vice Chancellor Stephen P. Lamb of the Delaware Chancery Court scheduled trial for September 26-28, 2007.

Set your calendars for this date; it is going to be a great trial on an important issue.  And for those who wish to handicap judges, Lamb is a bit of an unknown quantity on material adverse change clause cases.  The two main cases on MACS in Delaware, IBP and Fronteir, were decided by Strine and Noble, respectively, and a quick westlaw search showed no in-depth opinions by him on this issue.  But Lamb, an ex-Skadden partner, is a fine judge, smart and dedicated and likely to bring the same common-sense business approach which Strine and Noble brought to their MAC cases.  I'm going to try and attend in person.


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