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In Firefighters’ Pension System of the City of Kansas City, Missouri Trust v. Presidio, Inc., Vice Chancellor Laster of the Delaware Court of Chancery dismissed claims against directors of Presidio, Inc. (Presidio) and Presidio’s controlling stockholder arising out of the sale of Presidio, while sustaining claims against Presidio’s Chairman/CEO, the buyer (Buyer) and Presidio’s financial advisor. The case is notable for the stockholder plaintiff’s allegation of an undisclosed “tip” from the financial advisor to the buyer that purportedly allowed the buyer to strategically increase and structure its offer and close the deal. The decision which the court labeled as an “Opinion,” indicating it was intended to cover significant or novel issues addresses several deal litigation topics and is worthy of analysis by M&A practitioners. The court discusses (i) the applicable standard of review for the sale of a controlled company to a third party, and the applicability

United statesCity of kansasLeo strinePresidio incLiontree advisorsLaster of the delaware courtMeagher flomClayton dubilier riceDelaware supreme courtFinancial holdingsSynthes incFirefighter pension systemKansas cityMissouri trustVice chancellor lasterDelaware court