Ryan v. Lyondell Chemical Co.
August 1, 2008
On July 29, 2008, the Court of Chancery decided Ryan v. Lyondell Chemical Co., which arose from stockholder litigation filed in connection with Basell’s acquisition of Lyondell Chemical during 2007. In denying the corporate directors’ motion for summary judgment on several claims, the Court applied the familiar summary judgment standard and declined to give the benefit of any inferences to the directors, who were the moving parties. While unexceptional in this regard, the decision is likely to have a far-reaching impact in light of its extended discussion of the substantive law of directors’ duties in agreeing to sell a company.
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