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Corporations Code Mergers California

Allen Matkins

Federal Judge Finds Exception To Exclusivity Of California Dissenters' Rights Remedy To Be "Likely" Even Though The Statute Says...

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California Corporations Code Section 1312(a) provides: No shareholder of a corporation who has a right under this chapter...more

Allen Matkins

What Exactly Must A Board Approve When It Approves A Merger?

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Last Friday, John Jenkins wrote about another momentous ruling by Chancellor Kathaleen St. J. McCormick.  In Sjunde AP-Fonden v. Activision Blizzard, Inc., 2024 WL 863290 (Del. Ch. Feb. 29, 2024), she ruled...more

Allen Matkins

Governor Signs Bill Prohibiting Any Grocery Store Purchases Without Prior Written Notice To The Attorney General

Allen Matkins on

Anyone planning to buy a loaf of bread or head of lettuce next year will need to plan ahead.  Last weekend, Governor Newsom signed AB 853 into law.  This bill provides that "no person shall acquire, directly or indirectly,...more

Allen Matkins

Must A Parent Of A Constituent Corporation Sign The Agreement Of Merger?

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In California practice, a merger reorganization will typically involve two agreements - one short, the other not.  The Corporations Code refers to the shorter agreement as the "agreement of merger".   At a minimum it must...more

Allen Matkins

California Bill Would Require Prior Attorney General Approval Of These "Material" M&A Agreements

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The California legislature is currently considering a bill, AB 2080 (Wood) that would, among other things, require notice to, and the written consent of, the Attorney General before entering into an agreement or transaction...more

Allen Matkins

Must An Officer's Certificate Always State That The Board Approval?

Allen Matkins on

Recently, I was looking at the form of Officer’s Certificate of Approval of Agreement of Merger on the Secretary of State’s website.  Paragraph 2 of the form states...more

Allen Matkins

Something Is Missing From Section 1203

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In 1988, the California legislature enacted a unique fairness opinion requirement for certain "interested party" tender offers, including a share exchange tender offers (Section 183.5) or written proposals for a written a...more

Allen Matkins

What Does Rule 144 Have To Do With Dissenters Rights?

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Shares that otherwise meet California's definition of "dissenting shares" are not dissenting shares if immediately before the reorganization or short-form merger, they are listed on any national securities exchange certified...more

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