Opinion ID: 2165124
Heading Depth: 1
Heading Rank: 1

Heading: nature and stage of proceedings

Text: On March 3, 1993, plaintiff sought a preliminary injunction to enjoin consummation of the Merger, scheduled to occur on July 9, 1993. Under the terms of the Merger, Bancorp stockholders would receive 0.80 shares of BoB in exchange for each Bancorp share based on the trading price of BoB shares at closing (subject to an adjustable $20 per share cap). Plaintiff alleged that defendants breached their fiduciary duties of care and candor in the proxy statement dated February 1, 1993 (the proxy statement) which was sent to stockholders seeking approval of the Merger. [3] The Court of Chancery denied plaintiff's motion for preliminary injunction, concluding that plaintiff had failed to show a reasonable probability of success on the merits. [4] The trial court did not find any need for corrective disclosures in Arnold I. Defendants had filed motions to dismiss and for summary judgment before the ruling on the preliminary injunction. The trial court deferred ruling on these motions at that time. The Merger was effected on July 9, 1993. On that date, plaintiff filed a cross-motion for partial summary judgment. In an opinion and order dated December 15, 1993 (the Opinion), the Court of Chancery granted defendants' motion for summary judgment and denied plaintiff's cross motion, holding that defendants did not violate their duty of disclosure. [5] The Court found that the alleged omissions and misrepresentations were immaterial as a matter of law. The Court also rejected plaintiff's  Revlon claim. The judgment of dismissal based on the Opinion is the subject of this appeal.