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In re Volcano Corp. Stockholder Litig.
Citation:143 A.3d 727 (Del. Ch. 2016)
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With the assistance of Goldman, Sachs, Volcano approached five companies concerning whether they had an interest in acquiring Volcano. No offer was forthcoming, but Phillips Holdings, made a non-binding indication of interest to acquire Volcano at $24 per share. Volcano refused to grant Phillips any exclusive arrangement and communicated through Goldman, Sachs that the price would have to be above $24. A week later, Phillips raised its offer to $18 and the Volcano board approved the transaction. Volcano stockholders’ interest in challenging the transaction was piqued by several results.
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