Delaware Court Sides with Boards

History tells us that unrelated events often change the course of wars, possibly even a fertilizer war.   Today's Wall Street Journal reports that the Delaware Supreme Court has just ruled that: "Corporate directors should be afforded significant latitude and discretion in deciding whether to accept a merger offer...," overturning a lower court ruling in the process.  In our view this represents a healthy (and deserved) kick in the pants to the plaintiff's bar.  Congratulations are in order to Skadden, Arps, Slate, Meagher & Flom LLP who represented Lyondell Chemical and its Board in this closely watched case on corporate governance and fiduciary duties.  Coincidentally CF Industries is incorporated in Delaware, and they are represented in the current fertilizer brawl by Skadden Arps...