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Email In two separate December 19th decisions, the Delaware Supreme Court and the Delaware Chancery Court declined to enjoin stockholder votes with respect to pending mergers for alleged violations of the target board’s Revlon duties. The decisions affirmed longstanding Delaware caselaw providing that “there is no ‘single blueprint’ for directors to obtain the highest value reasonably attainable” for its stockholders in the satisfaction of its Revlon duties, “so long as they choose a reasonable route to get there.” The decisions offer boards nuanced guidance on how to satisfy Revlon duties in the context of a sale of corporate control. https://www.cadwalader.com/resources/clients-friends-memos/ma-update-revlon-motive-market-checks-and-injunctions