$99 million of additional merger compensation for class led by our client Dolphin Limited Partners

Case Abstract
Representing an institutional stockholder challenging the terms of a proposed merger, Lowey Dannenberg won an injunction following a successful and precedent-setting appeal to the Delaware Supreme Court.

Client
Class led by our client Dolphin Limited Partners.

Case Name
Omnicare, Inc. v. NCS Healthcare, Inc., 818 A.2d 914 (Del. 2003).

Result
$99 million of additional merger compensation.

Case Details
In an action in which LDBS acted on behalf of an institutional investor as Co-Lead Counsel, the Delaware Supreme Court enjoined a proposed merger between NCS Healthcare, Inc. and Genesis Health Ventures, Inc., accepting our argument that the NCS board had breached its fiduciary obligations by agreeing to irrevocable merger lock-up provisions. As a result of the injunction, the NCS shareholders were able to obtain the benefit of a competing takeover proposal by Omnicare, Inc. of 300% more than that offered in the enjoined transaction, providing NCS's shareholders with an additional $99 million.