(The opinions expressed here are those of the author, a columnist for Reuters.)
to freeze the preferred share conversion until Zurn ruled on their motion to enjoin the equity restructuring.
“The settlement constitutes a ‘win, win, win’ for all parties affected,” the motion said. “The settlement is an extraordinary result for AMC’s common stockholders and justifies lifting the status quo order currently preventing AMC from converging its two publicly traded securities.” There are plenty of Delaware cases in which shareholders’ benefits preceded court approval of the class settlement, but not in precisely the same circumstances as the AMC case. Before 2016, shareholder lawyers routinely filed class actions in Delaware after M&A deals were announced, typically asserting that companies left important information out of their proxy disclosures about the deals. Those cases almost always settled with defendants agreeing to make additional proxy disclosures.
In the AMC motion to lift the status quo order, shareholder lawyers did not identify any other class actions in which investors received tangible recovery before the deal was approved by the court. They did point to Delaware precedent favoring consensual settlements and noted potential weaknesses in their own bid for a preliminary injunction. The brief also noted that recently retired Chancery Court judge Joseph Slights helped broker the AMC settlement.
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