Krieger v. Wesco Financial Corp.

30 A.3d 54 (2011)

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Krieger v. Wesco Financial Corp.

Delaware Court of Chancery
30 A.3d 54 (2011)

RW

Facts

As the back end of a long-form merger between Wesco Financial Corporation (Wesco) and Berkshire Hathaway, Inc. (defendants), Berkshire Hathaway offered Joel Krieger (plaintiff) and other minority Wesco shareholders consideration in the form of either (1) cash, (2) shares of Berkshire Hathaway’s common stock, or (3) a mix of cash and stock. Minority Wesco shareholders who elected to receive Berkshire Hathaway stock would receive cash in lieu of fractional shares. Krieger sued Berkshire Hathaway and Wesco in the Delaware Court of Chancery, where Krieger asserted his right to have the court independently appraise the value of Berkshire Hathaway’s offered consideration. Krieger moved for summary judgment on that issue.

Rule of Law

Issue

Holding and Reasoning (Laster, J.)

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