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IN RE PRIMEDIA, INC. SHAREHOLDERS LITIG.

C.A. No. 6511-VCL.

67 A.3d 455 (2013)

In re PRIMEDIA, INC. SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware.

Decided: May 10, 2013.

Attorney(s) appearing for the Case

Jessica Zeldin , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; James S. Notis , Jennifer Sarnelli , Gardy & Notis, LLP, Englewood Cliffs, New Jersey; Judith L. Spanier , Abbey Spanier, LLP, New York, New York; Harold B. Obstfeld , Harold B. Obstfeld, P.C., New York, New York; Attorneys for Plaintiffs.

A. Thompson Bayliss , Abrams & Bayliss LLP, Wilmington, Delaware; Meredith E. Kotler , Boaz S. Morag , Cleary Gottlieb Steen & Hamilton LLP, New York, New York; Attorneys for Defendants Primedia, Inc., Charles J. Stubbs, TPG Capital, L.P., Pittsburgh Holdings, LLC, and Pittsburgh Acquisition, Inc.

Martin S. Lessner , Danielle Gibbs , Emily V. Burton , Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; Adam Offenhartz , Gabrielle Levin , Gibson, Dunn & Crutcher LLP, New York, New York; Attorneys for Defendants Beverly C. Chell, David A. Bell, Meyer Feldberg, H. John Greeniaus, Daniel T. Ciporin, and Kevin J. Smith.

R. Judson Scaggs , Susan Wood Waesco , Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, Delaware; Lewis R. Clayton , Andrew G. Gordon , Paul, Weiss Rifkind , Wharton & Garrison LLP, New York, New York; Attorneys for Defendants Kohlberg Kravis & Roberts & Co. L.P., KKR Associates, LP, KKR 1996 GP LLC, Perry Golkin, Thomas Uger, and Dean B. Nelson.

OPINION

LASTER, Vice Chancellor.

On May 15, 2011, the board of directors of Primedia, Inc. ("Primedia" or the "Company") adopted a resolution approving a merger agreement among the Company, TPG Capital, L.P. ("TPG"), and TPG's wholly owned acquisition subsidiaries (the "Merger Agreement"). Later that day, Primedia's majority stockholder, Kohlberg Kravis Roberts & Co. L.P. ("KKR"), approved the Merger Agreement by written consent. When the transaction...

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