Delaware Chancery Court Vice Chancellor Sam Glasscock applied the step-transaction doctrine to determine that two disputed transactions did not trigger a merger agreement’s acceleration provision. Glasscock is the first vice chancellor to apply the step-transaction doctrine since its use was affirmed by the Delaware Supreme Court in September.
Under the step-transaction doctrine, the court can view separate but related transactions as a single transaction if they are designed to achieve the same end result. Its application to Delaware Corporate Law was upheld in September by the state Supreme Court inLiberty Media Corp. v. Bank of New York Mellon .
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
