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Business Organizations Keyed to Smith
Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.
Citation:
506 A.2d 173 (Del. 1986)Facts
Pantry Pride sought to acquire Revlon , which had sustained significant debts and was likely not viable as a corporation. The initial offer was for $45 per share , which Revlon declined. The offer eventually reached $ 53 per share. At the same time , Revlon was in discussion with Forstmann for a leveraged buyout. The two companies reached an agreement , which prompted a massive drop in value of notes covenants. In response , Pantry Pride made another offer , prompting Forstmann to amend its offer to include a lock-up provision and “no-shop” provision, and would support the par value of the notes. The Revlon board of directors approved the transaction , prompting Pantry Pride to bring suit.
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