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69(2): 429-474 (February 2014)<br>
This article examines the doctrine of standing as applied to mergers and
acquisitions of Delaware corporations with pending derivative claims.
Finding the existing framework of overlapping rules and exceptions both
structurally and doctrinally unsound, this article proposes a novel reconfiguration under which Delaware courts would follow three black-letter
rules: (1) stockholders of the target should have standing to sue target
directors to challenge a merger directly on the basis that the board failed
to achieve adequate value for derivative claims; (2) a merger should
eliminate target stockholders’ derivative standing; and (3) stockholders
xi
of the acquiror as of the time a merger is announced should be deemed
contemporaneous owners of claims acquired in the merger for purposes
of derivative standing. Following these rules would restore order to the
Delaware law of standing in the merger context and would advance the
important public policies served by stockholder litigation in the Delaware
courts.
2014-04-07T10:17:02.692-05:00
S. Michael Sirkin
Standing at the Singularity of the Effective Time: Reconfiguring Delaware’s Law of Standing Following Mergers and Acquisitions
2014-03-27T10:20:20-05:00
2014-03-27T10:20:20-05:00
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2014-04-07T10:17:01.153-05:00
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