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What’s Happening in Delaware M&A – Summer 2016

This update provides a summary of recent Delaware caselaw and statutory developments concerning mergers and acquisitions, including new cases regarding appraisal rights, fraud claims and fiduciary duty and deal process...more

Delaware Law Updates – What Is the Fair Value of a Stock? Delaware Court of Chancery Rejects the Transaction Price as the Most...

In two recent decisions out of the Delaware Court of Chancery – In re: Appraisal of DFC Global Corp., C.A. No. 10107-CB ("DFC Global") and In re: Appraisal of Dell Inc., C.A. No. 9322-VCL ("Dell") – Chancellor Bouchard and...more

The Problem With Delaware Business Valuations

A recent decision by the Delaware Court of Chancery has caused the defenders of all things corporate America wants from its courts to complain once again of unfair treatment. While their complaints are misplaced in this...more

Dell Decision Grants Claimants Fair Value Award Above Merger Price

Delaware law has long made clear that the price established for a company in a market transaction, while a relevant factor, does not necessarily equate to the fair value that shareholder claimants are entitled to receive in...more

Delaware Chancery Court Rejects MBO Merger Price as Best Evidence of Fair Value in Appraisal Proceeding

In In re Appraisal of Dell Inc., No. 9322 VCL, 2016 Del. Ch. LEXIS 81 (Del. Ch. May 31, 2016) (Laster, V.C.), the Delaware Court of Chancery determined that the fair value of the common stock of Dell Inc. (“Dell” or the...more

Appraisal Risk Back In The Spotlight After Dell

The Delaware Court of Chancery (the "Court") recently ruled that the fair value of Dell Inc. shares at the time of the 2013 US$24.9 billion buyout of Dell Inc. by CEO Michael Dell and Silver Lake Partners was US$17.62 per...more

In re Appraisal of Dell Inc., C.A. No. 9322 (Del. Ch. May 11, 2016) (Laster, V.C.)

In this opinion, the Court of Chancery held that, through the “Byzantine and path-dependent system by which stockholders voted on a proposed merger,” fourteen mutual funds sponsored by T. Rowe Price & Associates, Inc. (“T....more

Court Of Chancery Explains When Merger Price Not Is The Appraised Value

This decision explains when a price in a management lead buy out that is close to a merger price set after a shopping of a company may still not be the “fair value” required by Delaware appraisal law....more

Federal Circuit Patent Updates - March 2016

Clare v. Chrysler Group LLC (No. 2015-1999, 3/31/16) (Prost, Moore, Wallach) - Moore, J. Affirming summary judgment of non-infringement of patents related to storage compartment for pickup trucks. The Court rejected...more

Federal Circuit Reverses the PTAB’s Reliance on Evidence Presented Solely During Oral Argument and Its Claim Construction

On March 15, 2016, the Federal Circuit reversed and remanded the PTAB's cancellation of claims 3 and 20 of Patent No. 6,948,021 directed to hot-swappable components in computer systems. See Dell Inc., v. Acceleron, LLC, No....more

Federal Circuit Ruling in Dell v. Acceleron Limits New Late-Stage Grounds of Challenge in America Invents Act Trials

On March 15, 2016, the U.S. Court of Appeals for the Federal Circuit held that the Administrative Procedures Act (APA) places constraints on when petitioners may present evidence and arguments against the patentability of...more

Fed. Cir. Decision Reiterates The Importance Of Raising All Bases For Invalidity In An IPR Petition

On March 15, 2016, the Federal Circuit vacated the PTAB’s final rejection of a claim, finding that the rejection was procedurally improper because the PTAB relied on a basis raised for the first time during the oral argument....more

Finally, the PTAB Gets Told to Give Patent Owners in IPR Some Due Process

As short a time period as inter partes reviews have existed, since they first started in 2012, patent owners have learned that they are often unlikely to get due process in IPRs from the Patent Trial and Appeal Board. This is...more

PTAB Can’t Rely on Anticipation Argument first Made during the Oral Hearing

In Dell Inc, v, Acceleron, LLC, [2015-1513, -1514](March 15, 2016) the Federal Circuit affirmed the confirmation of claims, but remanded the cancellation of two claims for reconsideration in view of corrected claim...more

"M&A Techniques in a Complex Environment"

While the headlines in 2015 focused on the “megadeal” transactions over $5 billion (there were at least 137 such deals in 2015, according to Thomson Reuters), many transactions involving cross-border activities required...more

Employment Law Navigator – Week in Review: December 22, 2015 #3

Last week, a federal judge in the Central District of California made big news when he found that “claims of sexual orientation discrimination are gender stereotype or sex discrimination” prohibited by Title VII of the Civil...more

The Ropes Recap: Mergers & Acquisitions Law News - Third Quarter 2015

Delaware Court Awards $148 Million in Damages, as Fiduciaries’ Bad Faith Conduct Prevented Stockholders from Obtaining a “Fairer Price” in Take-Private Transaction In a recent post-trial opinion, Vice Chancellor Laster of the...more

Coordinated Hackers Infiltrate 200 Targeted Employees’ LinkedIn Networks

Cybersecurity researchers at the Dell SecureWorks Counter Threat Unit (“Dell CTU”) uncovered a network of approximately 25 fake LinkedIn profiles that Dell CTU believes were used by an Iran-linked hacker group to establish at...more

Landmark insider trading ruling may temper government's actions, but holders of confidential, non-public information should still...

On October 5, 2015, the Supreme Court declined to hear the federal government’s appeal in U.S. v. Newman, 773 F.3d 438 (2nd Cir. 2014), an insider trading case in which the US Court of Appeals for the Second Circuit reversed...more

In re Appraisal of Dell Inc., C.A. No. 9322-VCL (Del. Ch. July 13, 2015) (rev'd July 30, 2015) (Laster, V.C.)

In this memorandum opinion, the Delaware Court of Chancery granted a defendant’s motion for summary judgment, holding that the continuous holder requirement set forth in Section 262 of the General Corporation Law of the State...more

Supreme Court Called Upon to Review the Newman Case and Address Insider Trading Liability

The Supreme Court is very likely to enter into the fray over the Second Circuit’s controversial Newman decision concerning insider-trading liability. The government has filed a petition for certiorari, and the stakes are...more

Dirks, Newman, Tippees And The Government’s Cert Petition

The Government filed its long awaited Petition for a Writ of Certiorari with the Supreme Court in the Newman insider trading case. The Petition presents three key issues which were generally presaged in the request for...more

With Reservations, Delaware Chancery Court Grants Summary Judgment to Dell in Appraisal Action Sparked by Going-Private Merger

In a cash-out merger or consolidation, qualifying shareholders of a constituent Delaware corporation who do not vote in favor of the transaction may seek a judicial determination of the “fair value of [their] shares” under...more

Backup Anticipation with Obviousness - Dell Inc. v. Elecs. & Telecomms. Research Inst.

Addressing the issue of estoppel and joinder, the U.S. Patent and Trademark Office Patent Trial and Appeal Board (PTAB) denied a petitioner’s challenge, finding the petitioner was estopped from requesting the additional...more

The PTAB Explores Estoppel in New Representative Decision

The Patent Trial and Appeal Board (PTAB) recently announced the addition of its March 26, 2015 decision in Dell, Inc. et al. v. Electronics and Telecomms. Res. Inst., IPR2015-00549 (“the ‘549 IPR”) to its online list of...more

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