Francis Pileggi offers a concise legal analysis of the Delaware Court of Chancery's decision in Wayne County Employees’ Retirement System v. Corti, 2009 Del. Ch. LEXIS 126 (Del. Ch. 2009), in which shareholders challenged a transaction by which Vivendi S.A. obtained a majority of the voting stock of Activision, Inc.—the makers of the computer game World of Warcraft.
As he discusses, the case is highly instructive with respect to disclosure and Revlon duties.