Leo Strine

  • 09 Jan 2014 at 3:49 PM

Most Powerful Court In All The Land Has A New Leader

Leo E. Strine Jr., come on down. Read more »

It’s useful to be reminded every now and then that shareholders don’t really “own” corporations and they certainly don’t run them. Whatever you think of Carl Icahn’s self-funded, mildly loony plan to do a leveraged-recap-via-tender-offer of Dell, his basic argument, that Dell shareholders should be able to vote to (1) do that, (2) sell the company to its founder, or (3) none of the above, in some straightforward up-or-down way, had a certain real appeal. I mean, it’s their company, let them decide to sell 100% of it for $13.88ish or 80% of it for $14ish or 0% of it for … I see $13.82ish1 … or some intermediate pair of numbers. But, nope: Read more »

  • 07 May 2012 at 7:32 PM
  • M&A

Martin Marietta’s Big Mouth Prevents It From Buying Vulcan

There was a time in my life when I negotiated, I’m going to say, 100 confidentiality agreements in three months. I got what I thought was good at it, by which I mean I knew about a lot of issues and tricks and things and could often get the – often pretty junior – lawyer on the other side to agree to things that I thought were pretty tricky. But I know now that I couldn’t have been that good because (1) when I represented sellers I tried to get a standstill and (2) when I represented bidders I negotiated back against standstills without ever noticing that confidentiality agreements are standstills all on their own. That is tricky:

A Delaware judge on Friday blocked Martin Marietta Materials for four months from pursuing its proxy fight and hostile bid for Vulcan Materials.

Unless overturned on appeal, the halt would effectively thwart Martin Marietta’s effort to get four directors elected to Vulcan’s board at that company’s annual meeting of shareholders on June 1.

In granting an injunction, Chancellor Leo E. Strine Jr. of the Delaware Chancery Court found that Martin Marietta had breached confidentiality agreements between the two companies. While those agreements did not expressly call for a standstill between the two companies, they did prohibit Martin Marietta from using information that had been previously exchanged between the companies to decide, formulate and sell its offer and proxy challenge, he wrote.

The opinion is great – ignore the legal sections, which drag, and focus on the blow-by-blow of the MLM-VMC negotiations – and chock-full of Strinery, including “the road to true love seldom runs smooth, even for companies that make paving materials” and this: Read more »