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Foley & Lardner LLP

Third Point LLC V. Ruprecht; Two-Tiered Poison Pill Withstands Judicial Review

Foley & Lardner LLP on

In Third Point LLC v. Ruprecht, et al., C.A. No. 9469-VCP (Del.Ch. May 2, 2014), the Delaware Chancery Court denied a preliminary injunction challenging Sotheby’s stockholder rights plan, or so-called “poison pill,” which...more

Cadwalader, Wickersham & Taft LLP

M&A Update: Delaware Court Upholds Sotheby’s Poison Pill Defense Against Activist Citing “Negative Control” As A Corporate Threat

Cadwalader, Wickersham & Taft LLP on

In a May 2, 2014 ruling relating to activist hedge fund Third Point LLC’s proxy battle with auction house Sotheby’s, the Delaware Chancery Court found that Third Point was not likely to succeed in its argument that the...more

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