Delaware Chancery Court Confirms "Sign and Consent" Structure
24 October 2011M&A Update
In a recent decision, In Re OPENLANE, Inc. the Delaware Court of Chancery reiterated the permissibility of a "sign and consent" structure for obtaining shareholder approval of a merger. In its decision, the Court denied a motion by certain shareholders of OPENLANE seeking to enjoin its acquisition pursuant to a merger agreement utilizing this structure.
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