Opinion ID: 588840
Heading Depth: 3
Heading Rank: 2

Heading: The District Court's Second Judgment in Favor of the Defendants

Text: 16 Upon remand, the district court again granted summary judgment in favor of the Defendants. Although the Defendants had, as we had determined, failed to discuss in reasonable detail the net book, going-concern, or liquidation value, or the weights attached thereto in arriving at their fairness opinion, the district court found that such a discussion would not have provided a shareholder with information that was material under the standard set forth in TSC Industries v. Northway, Inc., 426 U.S. 438, 96 S.Ct. 2126, 48 L.Ed.2d 757 (1976). TSC states that [a]n omitted fact is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote. TSC, 426 U.S. at 449, 96 S.Ct. at 2132. The district court also concluded that, because of the extraordinary procedural steps taken to safeguard the interests of the public shareholders, the Defendants violated no state-law fiduciary duty. 17