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Delaware Court Dismisses Fox Stockholder's Suit Over Disney Deal
In a decision that narrowed what actions can be brought by Delaware companies' stockholders in the context of a merger, the Delaware Court of Chancery dismissed claims brought against former 21st Century Fox executives, including three members of the Murdoch family. Brokerage Jamie Goldenberg Komen Rev Tru U/A 06/10/08 v. Breyer, 2018-0773.
In the judicial opinion, Chancellor Andre Bouchard wrote that a Fox stockholder hadn't adequately proven that about $82.4 million in stock given to Rupert, James and Lachlan Murdoch interfered with the company's sale to Disney, and that the stockholder therefore didn't have standing to bring derivative claims.
In December 2017, 21st Century Fox Inc. gave to Disney assets including Fox's movie and television studios in exchange for a later-agreed-upon price of $71.3 billion, to be paid half in cash and half in Disney stock. Prior to the rest of the company being purchased by Disney, Fox spun off some of its broadcast, news and sports businesses into the new public company Fox Corp.
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