je.st
news
M&A Update: Delaware Court Finds Dole Executives Personally Liable...
2015-08-31 14:24:25| Food - Topix.net
In its August 27th post-trial opinion, In re Dole Food Co., Inc. Stockholder Litigation, the Delaware Chancery Court held Dole executives David Murdock and Michael Carter personally liable for $148 million in damages for undermining and interfering with the special committee's efforts to obtain a fair price for Dole's minority stockholders following Murdock's decision to take the Company private in 2013. The decision emphasizes that transactions with a controlling stockholder that employ the dual procedural protections of independent director and "majority of the minority" approval must actually adhere to the substance and purpose of those protections.
Tags: update
court
finds
delaware
Category:Food and Related Products