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Delaware Chancery Opinion May 2004
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 Opinion
- Jacobs
 Facts
I
- Formation of ECM
I.B
- Aborted Innovative-ECM merger
I.C
- Privatization pursued
I.D
- Second special committee - Negotiation
I.E
- Privatization approved
I.F
Issues
presented
II
Fair
price - Fair value
III
SEC_CODE_REF_0090001192884
- Choice of projections
III.A
- Appropriate discount rate
III.B
- Use of market price
III.C
- Corporate opportunity claims
III.D
- Merger price unfair
III.E
- Interest
III.F
Fair
dealing
IV
- Is fair dealing required?
IV.A.1
- "No Standing" affirmative defense
IV.A.2
- Fair dealing analyzed
IV.B
- Timing, initiation and structure
IV.B.1
- Minority shareholders representation
IV.B.2
◊ Independence
IV.B.2.a
◊ Ineffective special committee
IV.B.2.b
- Adequacy of Board and shareholder approvals
IV.B.3
Defendants
breaches of fiduciary duty
V
ConclusionVI
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