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In Re Dollar Thrifty Shareholder Litigation

2010 Del. Ch. LEXIS 192 (2010)

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In Re Dollar Thrifty Shareholder Litigation

Delaware Court of Chancery
2010 Del. Ch. LEXIS 192 (2010)

RW

Facts

The board of directors of Dollar Thrifty Automotive Group, Inc. (Dollar Thrifty) (defendant) consisted of experienced business and financial people who were knowledgeable about all facets of the car-rental business. The board carefully and conscientiously considered takeover bids from the Hertz and Avis car-rental companies and opted to sign a merger agreement with Hertz. Hertz acquired all of Dollar Thrifty’s shares for only a little more than the trading value of those shares on the date the deal was signed. Arguably, Dollar Thrifty’s board could have driven a harder bargain with Avis. Dissenting Dollar Thrifty shareholders (plaintiffs) sued in the Delaware Court of Chancery, seeking a preliminary injunction blocking the Hertz merger.

Rule of Law

Issue

Holding and Reasoning (Strine, J.)

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Casebooks

Mergers and Acquisitions

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