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MARIC CAPITAL MASTER FUND v. PLATO LEARNING

C.A. No. 5402-VCS.

11 A.3d 1175 (2010)

MARIC CAPITAL MASTER FUND, LTD., Plaintiff, v. PLATO LEARNING, INC., Thoma Bravo, LLC, Project Porsche Holdings Corporation, Project Porsche Merger Corp., Stephen R. Becker, Matthew A. Drapkin, Susan E. Knight, John G. Lewis, M. Lee Pelton, Robert S. Peterkin, Vincent P. Riera, John T. Sanders, and David W. Smith, Defendants.

Court of Chancery of Delaware.

Decided: May 13, 2010.

Attorney(s) appearing for the Case

Norman M. Monhait, Esquire , P. Bradford deLeeuw, Esquire , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Joseph F. Rice, Esquire , William S. Norton, Esquire , J. Brandon Walker, Esquire , Rebecca P. Merritt, Esquire , Motley Rice, LLC, Mt. Pleasant, South Carolina, Attorneys for Plaintiff Maric Capital Master Fund, Ltd.

Gregory P. Williams, Esquire , Blake Rohrbacher, Esquire , Richards, Layton & Finger, P.A., Wilmington, Delaware; Wendy J. Wildung, Esquire , Will F. Stute, Esquire , Leif T. Simonson, Esquire , Justin P. Krypel, Esquire , Faegre & Benson, LLP, Minneapolis, Minnesota, Attorneys for Defendants Plato Learning, Inc., Steven R. Becker, Matthew A. Drapkin, Susan E. Knight, John G. Lewis, M. Lee Pelton, Robert S. Peterkin, Vincent P. Riera, J. Ted Sanders, and David W. Smith.

Michael D. Goldman, Esquire , Brian C. Ralston, Esquire , Matthew D. Stachel, Esquire , Potter Anderson & Corroon LLP, Wilmington, Delaware; James F. Basile, Esquire , Eliot A. Adelson, Esquire , Kirkland & Ellis LLP, San Francisco, California, Attorneys for Defendants Thoma Bravo, LLC, Project Porsche Holdings Corporation and Project Porsche Merger Corp.

STRINE, Vice Chancellor.

Earlier today, the plaintiff, Maric Capital Master Fund, Ltd., sought a preliminary injunction against the procession of a proposed merger, involving the acquisition of PLATO Learning, Inc. ("PLATO") by Thoma Bravo, LLC ("Thoma Bravo") for $5.60 per share. The plaintiff argued that the defendants had failed to comply with their duties under Revlon v. MacAndrews & Forbes Holdings, Inc.

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