March 12, 2013

Delaware Denies Another Expedited Challenge

John Grossbauer of Potter Anderson notes: In In re Bioclinica, Delaware Vice Chancellor Glasscock denied expedition in a challenge to the proposed sale of Bioclinica. The Vice Chancellor commented on the deal protections at issue here, finding not colorable a claim that standstills that permitted a topping tender offer after an announced deal were preclusive when combined with a poison pill and customary match rights and termination fees, noting the board retained the right to accept a superior proposal and to redeem the pill in that context.