Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 60 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
The Delaware Chancery Court upheld Airgas, Inc.’s poison pill defense in a ruling on Feb. 15, 2011 (PDF). The Airgas poison pill had blocked a $5.9 billion hostile bid from Air Products & Chemicals Inc., which dropped the bid following the ruling.
As reported by The Wall Street Journal today, the Delaware court ruled that the “power to defeat an inadequate hostile tender offer ultimately lies with the board of directors.” The court held that the poison pill was a reasonable response to the Air Products’ takeover attempt. The key is that the court found the Airgas board of directors to be acting in good faith and complying with its fiduciary duties.
Bloomberg Businessweek reported today that the Air Products’ offer, which was made public on Feb. 4, 2010, was the eighth-longest-running U.S. hostile takeover bid since Bloomberg started tracking takeover offers. Airgas subsequently announced a $300 million share buyback.
OUR TAKE: This was an anticipated decision because poison pill cases are typically settled or dropped before the cases can be decided. The Chancery Court has reinforced the viability of a poison pill as an appropriate response to a hostile bid that a board of directors in good faith believes is inadequate.
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