Mills Acquisition Co. v. MacMillan, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that a “board of directors ... may not avoid its active and direct duty of oversight in a matter as significant as the sale of corporate control”
• holding that officers breached their fiduciary duties by enabling their preferred buyer to win a shares auction by tipping it with the highest bid
• holding that chairman and CEO breached his fiduciary duty through “knowing concealment” of information “at the critical board meeting” in light of the “duty of disclosure under the circumstances”
• noting that “there must be a rational basis for the action such that the interests of the stockholders are manifestly the board’s paramount objective”
• observing that an “auction was clandestinely and impermissibly skewed in favor” of management’s preferred bidder
• inferring that the participants’ failure to disclose a wrongful tip was “an explicit acknowledgement of their culpability”

Source: CourtListener parenthetical corpus (CC0).

Cited by

208 cases in this archive cite this case; the 20 most cited are listed.

• Kim v. Grover C. Coors Trust
  Colorado Court of Appeals· 2007-03-08· cited 686×
• Cede & Co. v. Technicolor, Inc.
  Supreme Court of Delaware· 1994-01-18· cited 456×
• Spiegel v. Buntrock
  Supreme Court of Delaware· 1990-03-19· cited 293×
• Malone v. Brincat
  Supreme Court of Delaware· 1998-12-18· cited 273×
• Paramount Communications Inc. v. QVC Network Inc.
  Supreme Court of Delaware· 1994-02-04· cited 265×
• Arnold v. Society for Savings Bancorp, Inc.
  Supreme Court of Delaware· 1994-12-28· cited 251×
• Stroud v. Grace
  Supreme Court of Delaware· 1992-04-09· cited 246×
• Cinerama, Inc. v. Technicolor, Inc.
  Supreme Court of Delaware· 1995-07-17· cited 242×
• Unitrin, Inc. v. American General Corp.
  Supreme Court of Delaware· 1995-01-11· cited 223×
• In Re Walt Disney Co. Derivative Litigation
  Court of Chancery of Delaware· 2005-08-09· cited 206×
• RBC Capital Markets, LLC v. Jervis
  Supreme Court of Delaware· 2015-11-30· cited 202×
• American International Group, Inc. v. Greenberg
  Court of Chancery of Delaware· 2009-02-10· cited 175×
• In Re Tri-Star Pictures, Inc., Litigation
  Supreme Court of Delaware· 1993-12-08· cited 169×
• Leal v. Meeks
  Supreme Court of Delaware· 2015-05-14· cited 169×
• In re Trados Inc. Shareholder Litigation
  Court of Chancery of Delaware· 2013-08-16· cited 161×
• Emerald Partners v. Berlin
  Supreme Court of Delaware· 2001-11-28· cited 149×
• Gilbert v. El Paso Co.
  Supreme Court of Delaware· 1990-05-16· cited 144×
• Feeley v. Nhaocg, LLC
  Court of Chancery of Delaware· 2012-11-28· cited 142×
• McMullin v. Beran
  Supreme Court of Delaware· 2000-11-20· cited 135×
• In Re Lukens Inc. Shareholders Litigation
  Court of Chancery of Delaware· 1999-12-01· cited 129×

Cites

32 cases in this archive are cited by this case; the 20 most cited are listed.

• Aronson v. Lewis
  Supreme Court of Delaware· 1984-03-01· cited 1,206×
• Weinberger v. UOP, Inc.
  Supreme Court of Delaware· 1983-02-01· cited 690×
• Guth v. Loft, Inc.
  Supreme Court of Delaware· 1939-04-11· cited 466×
• Smith v. Van Gorkom
  Supreme Court of Delaware· 1985-03-14· cited 428×
• Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.
  Supreme Court of Delaware· 1986-03-13· cited 386×
• Unocal Corp. v. Mesa Petroleum Co.
  Supreme Court of Delaware· 1985-06-10· cited 322×
• Rosenblatt v. Getty Oil Co.
  Supreme Court of Delaware· 1985-05-09· cited 268×
• Levitt v. Bouvier
  Supreme Court of Delaware· 1972-01-04· cited 265×
• Stephenson v. Capano Development, Inc.
  Supreme Court of Delaware· 1983-05-24· cited 254×
• Sterling v. Mayflower Hotel Corp.
  Supreme Court of Delaware· 1952-11-18· cited 196×
• Pogostin v. Rice
  Supreme Court of Delaware· 1984-06-21· cited 195×
• Nicolet, Inc. v. Nutt
  Supreme Court of Delaware· 1987-04-30· cited 180×
• Ivanhoe Partners v. Newmont Mining Corp.
  Supreme Court of Delaware· 1987-11-18· cited 157×
• Hanson Trust PLC v. ML SCM Acquisition Inc.
  Second Circuit· 1986-01-06· cited 143×
• Bershad v. Curtiss-Wright Corp.
  Supreme Court of Delaware· 1987-12-30· cited 125×
• Gimbel v. Signal Companies, Inc.
  Court of Chancery of Delaware· 1974-01-10· cited 116×
• Gottlieb v. Heyden Chemical Corp.
  Supreme Court of Delaware· 1952-08-29· cited 88×
• Cheff v. Mathes
  Supreme Court of Delaware· 1964-03-17· cited 83×
• Fiduciary Trust Co. v. Fiduciary Trust Co.
  Supreme Court of Delaware· 1982-04-20· cited 70×
• West Point-Pepperell, Inc. v. J.P. Stevens & Co.
  Court of Chancery of Delaware· 1988-04-08· cited 67×