APPEL v. BERKMAN

No. 316, 2017.

180 A.3d 1055 (2018)

Stephen APPEL, individually and on behalf of all others similarly situated, Plaintiff Below, Appellant, v. David J. BERKMAN, Stephen J. Cloobeck, Richard M. Daley, Frankie Sue Del Papa, Jeffrey W. Jones, David Palmer, Hope S. Taitz, Zachary D. Warren, and Robert Wolf, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: February 20, 2018.


Attorney(s) appearing for the Case

Jeremy Friedman, Esquire , Spencer Oster, Esquire , David Tejtel, Esquire , FRIEDMAN OSTER & TEJTEL PLLC, New York, New York; Peter B. Andrews, Esquire , Craig J. Springer, Esquire (argued), David M. Sborz , ANDREWS & SPRINGER LLC, Wilmington, Delaware, Attorneys for Appellant, Stephen Appel and on behalf of all others similarly situated.

Mark A. Kirsch, Esquire , Jefferson E. Bell, Esquire , GIBSON, DUNN & CRUTCHER LLP, New York, New York; Brian M. Lutz, Esquire , GIBSON, DUNN & CRUTCHER LLP, San Francisco, California; Raymond J. DiCamillo, Esquire (argued), Elizabeth DeFelice, Esquire , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware, Attorneys for Appellees, David J. Berkman, Richard M. Daley, Frankie Sue Del Papa, Jeffrey W. Jones, David Palmer, Hope S. Taitz, Zachary D. Warren, and Robert Wolf.

Stephen B. Brauerman, Esquire (argued), Sara E. Bussiere, Esquire , BAYARD, P.A., Wilmington, Delaware, Attorneys for Appellee, Stephen J. Cloobeck.

Before STRINE, Chief Justice; VALIHURA and TRAYNOR, Justices.


I.

Diamond Resorts International's board of directors recommended to its stockholders that they sell their shares to a private equity buyer, Apollo Global Management, for cash in a two-step merger transaction involving a front-end tender offer followed by a back-end merger under Section 251(h). The proxy statement...

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