Home -> Law Blog Directory -> Litigation Blogs -> Delaware Corporate and Commercial Litigation Blog

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Litigation

: Delaware Corporate and Commercial Litigation Blog

Video/Audio of Chancery TRO Hearing in Zenith National Insurance Corp. Merger Case

By Francis G.X. Pileggi

ADVERTISEMENTS

The Court of Chancery held a hearing on April 22 on a request for a TRO to stop the $1.3 billion merger involving Zenith National Insurance Corp. Courtesy of the folks at www.courtroomview.com we have a video/audio clip of part of that oral argument here. The TRO request was denied.

An excerpt from a Bloomberg story here summarized the denial of the TRO request thusly:

Zenith National Insurance Corp. investors lost a bid to block Fairfax Financial Holdings Ltd. from acquiring the insurer for $1.3 billion in cash.

A Delaware judge, over Zenith shareholders' objections that executives are selling the California-based workers' compensation insurer too cheaply, denied their request to halt the buyout. Toronto-based Fairfax, a rival insurer, is offering $38 a share for Zenith.

Chancery Court Judge J. Travis Laster in Wilmington concluded today that Stanley R. Zax, Zenith's chairman and chief executive officer, 'acted reasonably' in negotiating the buyout with Fairfax CEO Prem Watsa without consulting Zenith's board.

Full post as published by Delaware Corporate and Commercial Litigation Blog on April 23, 2010 (boomark / email).