Delaware Supreme Court Rejects Investor's Books and Records Access Appeal – City of Westland Police & Fire Retirement Sys. v. Axcelis Tech., Inc.


On August 11, 2010, the Delaware Supreme Court, in City of Westland Police & Fire Retirement Sys. v. Axcelis Tech., Inc., Del., No. 594, 2009, affirmed the Delaware Court of Chancery's dismissal of a stockholder's lawsuit brought under 8 Del. C. § 220 to compel Axcelis Technologies, Inc. ("Axcelis") to provide access to its books and records to a plaintiff stockholder after Axcelis' board rejected a $630 million merger offer from Sumitomo Heavy Industries, Ltd. ("SHI").

The SHI Merger Offer.

In 1983, Axcelis and SHI entered into a joint venture relationship, pursuant to which the joint venture would develop, manufacture and sell semiconductor equipment and would license technology from Axcelis. In February 2008, SHI offered to acquire Axcelis for $5.20 per share (a premium of nearly $1.00 over the prior closing price). The Axcelis board rejected SHI's proposal and concluded that the SHI bid did not reflect Axcelis' true worth.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Written by:


Reed Smith on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.