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The courts will look into the adequacy of the directors’ decision making process, including what information they used in coming to their decision. In addition, the court will consider the reasonableness of the directors’ action in light of the circumstances then
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When a corporation undertakes a transaction which will cause (a) a change in corporate control, or (b) a break-up of the corporate entity, the directors' obligation is to seek the best value reasonably available to the
56:, Martin S. Davis, Grace J. Fippinger, Irving R. Fischer, Benjamin L. Hooks, Franz J. Lutolf, James A. Pattson, Irwin Schloss, Samuel J. Silberman, Lawrence M. Small, and George Weissman v.
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The sale of control in this case, which is at the heart of the proposed strategic alliance, implicates enhanced judicial scrutiny of the conduct of the
Paramount Board under
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60:(In re Paramount Communications Inc. Shareholders' Litigation)
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and a lock-up option on approximately 20% of
Paramount’s
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Del.Supr., 506 A.2d 173 (1986). (The "Revlon" decision.)
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Revlon, Inc. v. MacAndrews & Forbes
Holdings, Inc.,
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208:Key features of the enhanced scrutiny test
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239:United States v. Paramount Pictures, Inc.
232:Leibovitz v. Paramount Pictures Corp.
169:Del. Supr., 493 A.2d 946 (1985), and
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167:Unocal Corp. v. Mesa Petroleum Co.,
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225:Buchwald v. Paramount
102:Andrew G. T. Moore II
321:Paramount Pictures
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114:In
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82:34
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