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首页> 外文期刊>The Business Lawyer >The Evolving Role of Special Committees in M&A Transactions: Seeking Business Judgment Rule Protection in the Context of Controlling Shareholder Transactions and Other Corporate Transactions Involving Conflicts of Interest
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The Evolving Role of Special Committees in M&A Transactions: Seeking Business Judgment Rule Protection in the Context of Controlling Shareholder Transactions and Other Corporate Transactions Involving Conflicts of Interest

机译：专门委员会在并购交易中不断发展的作用：在控制涉及利益冲突的股东交易和其他公司交易的背景下寻求商业判断规则的保护

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摘要

Special committees of independent, disinterested directors have been widely used by corporate boards to address conflicts of interests and reinforce directors' satisfaction of their fiduciary duties in corporate transactions since the wave of increased M&A activity in the 1980s. In 1988, The Business Lawyer published an article titled The Emerging Role of the Special Committee by one of this article's co-authors, examining the emerging use of special committees of independent directors in transactions involving conflicts of interest. At that time, the Delaware courts had already begun to embrace the emergent and innovative mechanism for addressing corporate conflicts. Now, after over thirty years of scrutiny by the Delaware courts, it is clear that the special committee is a judicially recognized (and encouraged) way to address director conflicts of interest and mitigate litigation risk. This article will examine the role of the special committee in the context of conflict of interest transactions, with a particular focus on transactions involving a change of control or a controlling stockholder, from a U.S. perspective (in particular, under the laws of the state of Delaware), and will briefly consider international applications of the concepts discussed. To this end, this article will examine recent case law developments, and compare the special committee processes at the heart of two high-profile Delaware decisions, and, finally, provide guidance to corporate practitioners on the successful implementation of a special committee process.
机译：自1980年代并购活动增加以来，公司董事会已广泛使用独立，无私的董事组成的专门委员会来解决利益冲突，并增强董事对公司交易中信托义务的满意度。 1988年，《商业律师》发表了一篇文章，其中一位作者是《特别委员会的新兴角色》，探讨了独立董事特别委员会在涉及利益冲突的交易中的新兴使用。当时，特拉华州的法院已经开始采用新兴的创新机制来解决公司冲突。现在，在特拉华州法院经过三十多年的审查之后，很明显，特别委员会是司法上认可（并鼓励）解决董事利益冲突和减轻诉讼风险的方式。本文将从美国的角度（特别是根据州法律）着眼于利益冲突交易中特别委员会的角色，特别关注涉及控制权变更或控股股东的交易。特拉华），并将简要考虑所讨论概念的国际应用。为此，本文将研究近期判例法的发展，并比较特拉华州两个引人注目的决定核心的特别委员会程序，最后，为公司从业人员成功实施特别委员会程序提供指导。

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  • 来源
    《The Business Lawyer》 |2014年第4期|1117-1145|共29页
  • 作者

    Simpson Scott V.; Brody Katherine;

  • 作者单位

    Skadden Arps Slate Meagher & Flom LLP, New York, NY 10036 USA;

    Skadden Arps Slate Meagher & Flom LLP, New York, NY 10036 USA;

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