Opinion ID: 1497598
Heading Depth: 1
Heading Rank: 22

Heading: Approval by Shareholders

Text: The record reflects that more than seventy-five percent of [Technicolor's] shares were tendered in the transaction to MAF. Cinerama was the only stockholder to pursue appraisal rights. Generally, where a majority of fully informed stockholders ratify action of even interested directors, an attack on the ratified transaction normally must fail. See Smith v. Van Gorkom, Del.Supr., 488 A.2d 858, 890 (1985). Accordingly, in the absence of a disclosure violation, the Court of Chancery properly found the tender by an overwhelming majority of Technicolor's stockholders to be tacit approval and, therefore, constituted substantial evidence of fairness. Cf. id. at 889-90; Tanzer v. Int'l Gen. Indus. Inc., Del.Ch., 402 A.2d 382, 395 (1979).