C&J Energy Services v. City of Miami GESERT: Delaware Supreme Court Reverses Chancery Court, Rules that Passive Market Check Satisfied Revlon | Practical Law
The Delaware Supreme Court reversed the Court of Chancery's injunction, which had delayed the C&J/Nabors inversion deal for 30 days to allow the C&J board to conduct a go-shop process. The Supreme Court ruled that, for purposes of avoiding a preliminary injunction, C&J's passive market check through a fiduciary out satisfied the board's Revlon duties.