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Tooley v. Donaldson, Lufkin & Jenrette, Inc.
Citation:845 A.2d 1031 (Del. 2004).
In 2000, DLJ merged with Credit Sussie. The tender offer price was $90 per share in cash. The offer was set to expire 20 days after commencement, but the agreement included two mechanisms for extensions. Credit Sussie utilized both types of extensions to postpone closing. The second extension resulted in a 22-day delay and, allegedly, cost plaintiffs the time-value of money.
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