Delaware Chancery Court enjoins “Don’t Ask, Don’t Waive” standstill provision
12 December 2012M&A Update
On November 27, 2012, in In re Complete Genomics, Inc. Shareholder Litigation, the Delaware Chancery Court (Laster, V.C.) enjoined the enforcement of a so-called “Don’t Ask, Don't Waive” standstill provision. These types of provisions are common in standstill agreements and prohibit the potential bidder who is a party to the agreement from, publicly or privately, requesting a waiver of the standstill.