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Summary
CVN previously covered a 5-day trial in the Chancery Court
In this Hospitality industry mergers and acquisitions litigation en banc argument hearing, plaintiffs John Q Hammond Hotels Shareholders alleged the controlling shareholder of John Q. Hammons Hotel of breaching his fiduciary duty by negotiating benefits for himself that the minority stockholders did not receive, in the merger of the company, pursuant to which the shareholders had received $24 per share. The plaintiffs also alleged that the directors of the company breached their fiduciary duties by permitting a deficient process.
The plaintiffs were represented by attorneys Ethan Wohl and Richard Bernstein. The defendant in this case, John Q. Hammons Hotels was represented by attorneys David Teklits and Alan Stone.
Outcome
The court was in favor of the defendants.It found that the fair value of JQH at the time of the Merger was $24 per share. Also, Hammons had not breached any fiduciary duty and that the third party acquirers were not liable for aiding and abetting a breach in fiduciary duty.
- Plaintiff
- Defense
- Judge
- William Chandler
- Jurisdiction
- Delaware Court Of Chancery
- Court
- Court of Chancery Courthouse
- Case Number
- 758-CC
- Industry
- Hospitality
- Practice Area
- Mergers and Acquisitions, Business Organizations
- Expert Witnesses
Sessions
Recording Disclaimer: This proceeding was recorded in full.