In one of the first decisions to apply the Delaware Supreme Court's recent Lyondell analysis to dismiss Revlon claims (a case in which Skadden prevailed), Skadden secured a victory in the Delaware Court of Chancery on behalf of firm client Activision in an amended shareholder suit related to the 2008 merger of Activision and Vivendi Games, Inc. Chancellor William B. Chandler III ruled in favor of Activision on July 24 finding that the amended complaint failed to state a claim under Delaware law, thus dismissing all of the plaintiffs' claims in their entirety. In his opinion, Chandler also provides guidance on issues such as the role of inside management in connection with the negotiation process, and whether a transaction involving a sale of control must provide a specific type of control premium.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates