Supreme Court of Delaware

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Voting agreements and other defensive measures protecting a merger transaction are both preclusive and coercive in the absence of an effective fiduciary out clause, and are therefore invalid and unenforceable.

Appellate Information

  • Decided 04/04/2003
  • Published 04/04/2003


  • HOLLAND, Justice, for the majority:, Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER and STEELE, Justices, constituting the Court en Banc.


  • Supreme Court of Delaware


  • For Appellant:
  • Donald J. Wolfe, Jr. (argued), Kevin R. Shannon, Michael A. Pittenger, John M. Seaman, Richard L. Renck, of Potter, Anderson & Corroon, LLP, Wilmington, Robert C. Myers, Seth C. Farber, James P. Smith III, David F. Owens, Melanie R. Moss, of Dewey Ballantine, LLP, New York City, for appellant., David C. McBride (argued), Bruce L. Silverstein, Christian Douglas Wright, Adam W. Poff, of Young, Conaway, Stargatt & Taylor, Wilmington, Paul Vizcarrondo, Jr., Theodore N. Mirvis (argued), Mark Gordon, John F. Lynch, Lauryn P. Gouldin, of Wachtell, Lipton, Rosen & Katz, New York City, for Genesis Health Ventures, Inc. and Geneva Sub, Inc., Joseph A. Rosenthal (argued), Carmella P. Keener, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Daniel A. Osborn of Beatie and Osborn, LLP, New York City and Richard B. Bemporad, Lowey, Dannenberg, Bemporad & Selinger, LLP, White Plains, NY, for plaintiffs., Robert J. Kriner, Jr., of Chimicles & Tikellis, LLP, Wilmington, liaison counsel for plaintiffs.

  • For Appellees:
  • Edward P. Welch (argued), Edward B. Micheletti, Katherine J. Neikirk, James A. Whitney, of Skadden, Arps, Slate, Meagher & Flom, Wilmington, Mark A. Phillips, of Benesch, Friedlander, Coplan & Aronoff, Cleveland, OH, for appellees, NCS HealthCare, Inc., Boake A. Sells and Richard L. Osborne., Edward M. McNally, Michael A. Weidinger, Elizabeth A. Brown, of Morris, James, Hitchens & Williams, Wilmington, Timothy G. Warner, and James R. Bright, of Spieth, Bell, McCurdy & Newell Co., Cleveland, OH, for defendant, Kevin B. Shaw., Jon E. Abramczyk, Brian J. McTear, of Morris, Nichols, Arsht & Tunnell, Wilmington, Frances Floriano Goins, and Thomas G. Kovach, of Squire, Sanders & Dempsey, Cleveland, OH, for defendant, Jon H. Outcalt.
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