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TEAMSTERS UNION 25 HEALTH PLAN v. BAIERA

C.A. No. 9503-CB.

119 A.3d 44 (2015)

TEAMSTERS UNION 25 HEALTH SERVICES & INSURANCE PLAN, on behalf of itself and all other similarly situated stockholders of Orbitz Worldwide, Inc., and derivatively on behalf of nominal defendant Orbitz Worldwide, Inc., Plaintiff, v. Gavin BAIERA, Martin J. Brand, Mark S. Britton, Jeff Clarke, Kenneth S. Esterow, Scott Forbes, Robert L. Friedman, Bradley T. Gerstner, Barney Harford, Kristina M. Leslie, Travelport Limited, Travelport LP, Travelport Global Distribution System, B.V., TDS Investor (Luxembourg) S.A.R.L., Waltonville Limited, Travelport Holdings Limited, and The Blackstone Group LP, Defendants, and Orbitz Worldwide, Inc., a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: July 13, 2015.

Attorney(s) appearing for the Case

Christine S. Azar and Ned Weinberger of Labaton Sucharow LLP, Wilmington, Delaware; Christopher J. Keller , Eric J. Belfi and Michael W. Stocker of Labaton Sucharow LLP, New York, New York; Jeremy Friedman and Spencer Oster of Friedman Oster PLLC, New York, New York; Attorneys for Plaintiff.

Anne C. Foster and Christopher H. Lyons of Richards, Layton & Finger P.A., Wilmington, Delaware; Elizabeth Herrington of McDermott Will & Emery LLP, Chicago, Illinois; John A. Sten of McDermott Will & Emery LLP, Boston, Massachusetts; Attorneys for Orbitz Worldwide Inc., and Gavin Baiera, Martin J. Brand, Mark S. Britton, Jeff Clarke, Kenneth S. Esterow, Scott Forbes, Robert L. Friedman, Bradley T. Gerstner, Barney Harford and Kristina M. Leslie.

Martin S. Lessner , Elena C. Norman and Paul J. Loughman of Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; Joseph Serino, Jr. , P.C. and Matthew Solum of Kirkland & Ellis, New York, New York; Attorneys for the Travelport Defendants and The Blackstone Group LP.

OPINION

I. INTRODUCTION

In this action, a stockholder of Orbitz Worldwide, Inc. ("Orbitz" or the "Company") challenges the fairness of the terms of a five-year services agreement (the "New Agreement") the Company entered into in February 2014 with a group of entities affiliated with Travelport Limited (as defined...

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