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Business-Judgment Rule Applied in New York to Going-Private Transaction with Procedural Protections
2014-11-24 18:10:49| Apparel - Topix.net
The New York Appellate Division, First Department, ruled Thursday that the business-judgment rule not the entire-fairness standard of review can apply to a going-private transaction with the majority shareholder where the majority shareholder did not participate in the board's vote on the merger, the remaining directors were not alleged to be self-interested, and the merger required the approval of the majority of the minority shareholders. In re Kenneth Cole Productions, Inc. Shareholder Litigation , Index No.
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