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In 2014, the Delaware Supreme Court’s landmark Kahn v. M&F Worldwide Corp. MFW) decision established that the deferential business judgment standard of review could apply to controlling stockholder “squeeze-out” mergers under certain circumstances. Six necessary conditions must be satisfied for a transaction to obtain business judgment review under MFW: (i) the transaction is conditioned ab initio, or “from inception,” on the approval of a special committee and a majority-of-the-minority majority vote; (ii) the special committee is independent; (iii) the special committee is empowered to freely select its own advisers and to say no definitively; (iv) the special committee meets its duty of care in negotiating a fair price; (v) the vote of the minority is informed; and (vi) there is no coercion of the minority.

United statesAndreg bouchardMf worldwide corpHomefed corpSynutra international incMeagher flomDelaware courtHomefed corporationDell technologies incCommittee must do theDelaware supreme courtSubstantive economicChancellor sam glasscockIntersections boardStockholder litigationSpecial committee