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Delaware Court of Chancery - 73 A.3d 17
Contributed by 🤖LSDBot🤖
Trados Inc. received venture capital in 2000, but a failed business strategy resulted in the company being sold for $60 million in 2005, with common stockholders receiving no financial compensation.
The issue is whether the board of directors fulfilled their duty to act in the best interest of all shareholders, or if conflicts of interest led them to prioritize the interests of preferred stockholders and pursue a merger that left common stockholders with no economic value.
The legal conclusion of the court is that the Board breached its duty of loyalty by approving the merger with SDL pic. The court found that the conflicted VC directors approved the merger based on their preferred stock's cash flow rights that differed from those of the common stockholders. They failed to give adequate consideration to the common stockholders' interests and did not engage in a fair process.
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