M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Tuesday, September 1, 2009

Marvel Lawsuit

According to Bloomberg, a suit has been filed ("POW") challenging Disney's acquisition of Marvel ("KABOOM").  The basic claim appears to be that Marvel's directors failed to meet their obligation under Revlon to cinduct a sales process that resulted in the highest price reasonably available to shareholders ("SLAM").  But, if Lyondell v Ryan teaches us anything, the directors of Marvel would have had to have a near collapse for this suit to succeed ("ZZZZ").  



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Probably right. Or is this why the distinction between challenges that are pre- versus post-closing may matter? The Netsmart court certainly came down hard on directors for limiting an auction to financial buyers and for thinking a post-signing market check would work, finding a reasonable likelihood that they breached their fiduciary duties. Or is Netsmart an outlier after Lyondell?

Posted by: AnonCorpLawyer | Sep 2, 2009 5:56:20 AM

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