In a recent decision, Martin Marietta Materials, Inc. v. Vulcan Materials Company, Chancellor Strine of the Delaware Chancery Court temporarily enjoined the hostile exchange offer and proxy contest of a would-be acquiror based on its multiple breaches of two confidentiality agreements it had entered into with the target company. The Court held that although the confidentiality agreements did not contain explicit standstill provisions, the acquiror’s impermissible use and disclosure of confidential information warranted a temporary injunction with respect to the exchange offer and proxy contest.View full M&A Alert, " Delaware Chancery Court Temporarily Enjoins Hostile Offer Based on Multiple Breaches of Confidentiality Agreements"
