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IN RE MFW SHAREHOLDERS LITIGATION

C.A. No. 6566-CS.

67 A.3d 496 (2013)

In re MFW SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware.

Decided: May 29, 2013.

Attorney(s) appearing for the Case

Peter B. Andrews, Esquire , Faruqi & Faruqi, LLP; Carmella P. Keener, Esquire , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Carl L. Stine, Esquire , Matthew Insley-Pruitt, Esquire , Wolf Popper LLP; Juan E. Monteverde, Esquire , Faruqi & Faruqi, LLP, New York, New York; Kira German, Esquire , Gardy & Notis LLP, Englewood Cliffs, New Jersey, Attorneys for Plaintiff MFW Stockholders.

Thomas J. Allingham II, Esquire , Joseph O. Larkin, Esquire , Christopher M. Foulds, Esquire , Jessica L. Raatz, Esquire , Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware, Attorneys for Defendants MacAndrews & Forbes Holdings Inc., Ronald O. Perelman, Barry F. Schwartz, and William C. Bevins.

Stephen P. Lamb, Esquire , Meghan M. Dougherty, Esquire , Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, Delaware; Daniel J. Leffell , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, Attorneys for Defendants M & F Worldwide Corp., Philip E. Beekman, Charles T. Dawson, Theo W. Folz, John M. Keane, Bruce Slovin, and Stephen G. Taub.

William M. Lafferty, Esquire , D. McKinley Measley, Esquire , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware; Tariq Mundiya, Esquire , Todd G. Cosenza, Esquire , Christopher J. Miritello, Esquire , Jill K. Grant, Esquire , Willkie Farr & Gallagher, LLP, Attorneys for Defendants Paul M. Meister, Martha L. Byorum, Viet D. Dinh, and Carl B. Webb.

OPINION

STRINE, Chancellor.

I. Introduction

This case presents a novel question of law. Here, MacAndrews & Forbes — a holding company whose equity is solely owned by defendant Ronald Perelman — owned 43% of M & F Worldwide ("MFW"). MacAndrews & Forbes offered to purchase the rest of the corporation's equity in a going private merger for $24 per share. But upfront, MacAndrews & Forbes said it would not proceed...

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