If I had to have a favorite judge, chief judge of the Delaware Court of Chancery William B. Chandler III would be the man. Chandler is famous for his deep understanding of the cases he rules on, from referencing 50 Cent to channeling Ray Charles for an opinion on a Coca-Cola case (baby-uh huh). Issuing a decision on the case of the Wayne County Employees' Retirement System seeking an injunction against the Activision-Blizzard merger, Chandler got all kinds of World of Warcraft philosophical.
In some ways, perhaps, the world of Mergers and Acquisitions is a massively multiplayer role playing game as well. Like in World of Warcraft and other games, the participants in the M&A field take on certain roles, interact in their own community, hone specialized skills, and even develop a unique, somewhat curious vernacular. One particular quest in the world of M&A is disclosure litigation. In the instance of disclosure litigation presently pending before this Court, the world of M&A meets the World of Warcraft.
All I can see is a man in a business suit with a yellow exclamation point over his head. Hit the jump for Judge Chandler's stunning conclusion.
In the role-playing game that is this disclosure litigation, both sides have played their respective roles well. Plaintiff has vigorously battled for additional information about the proposed transaction, and, indeed, additional information has been released by the Company during the pendency of this litigation. Likewise, defendants have responsively and effectively addressed the many variations of claims that plaintiff has proffered. Ultimately, however, there still remained three outstanding disclosure claims for the Court to resolve. Like any game, this one has rules, and the most essential rule of disclosure is materiality. Because the plaintiff could not establish the materiality of its final three disclosure claims, the motion for a preliminary injunction is denied. The July 8, 2008 meeting may proceed. GAME OVER.
I love this man.
In Chandler Opinion, World of M&A Meets ‘World of Warcraft' Video Game [The Wall Street Journal via Game Politics]