Answers.com (ANSW) Reports Plaintiff Denied Preliminary Injunction for Special Stockholder Meeting
Answers.com, (Nasdaq: ANSW) reports that the Delaware Court of Chancery has denied the plaintiff’s motion for a preliminary injunction to enjoin the special meeting of stockholders to vote on the merger agreement with AFCV Holdings, LLC, a portfolio company of growth equity investor Summit Partners.
From the release:
"The court’s decision, delivered by Vice Chancellor Noble on April 11, 2011, rejected plaintiffs’ claims. The Court ruled that the record “tends to support the conclusion that the Board, with a majority of independent and disinterested directors, acted reasonably in deciding to sell and throughout the sales process,” and that “the disclosures in the Proxy Materials enable Answers’ shareholders to make an informed decision regarding the Proposed Transaction.” The Court concluded, “Ultimately, this is a matter for stockholder democracy and, thus, the Court should stand down and let the shareholders decide.”"
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From the release:
"The court’s decision, delivered by Vice Chancellor Noble on April 11, 2011, rejected plaintiffs’ claims. The Court ruled that the record “tends to support the conclusion that the Board, with a majority of independent and disinterested directors, acted reasonably in deciding to sell and throughout the sales process,” and that “the disclosures in the Proxy Materials enable Answers’ shareholders to make an informed decision regarding the Proposed Transaction.” The Court concluded, “Ultimately, this is a matter for stockholder democracy and, thus, the Court should stand down and let the shareholders decide.”"
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