Earlier this week in Krevlin v. Ares Corporate Opportunities Fund (Del. Ch.; 2/24), Chancellor McCormick addressed a shareholder challenge to the April 2019 acquisition of Smart & Final Stores by Apollo on the basis that Smart & Final’s former controller-sponsor, Ares’s “need for liquidity caused it to favor a deal, even at a suboptimal price, over no […]

Controller Deja Vu: Del. Chancery Again Finds No Liquidity-Based Conflict