Chancery Declines to Enjoin Sale of Ancestry.com Subject to More Disclosure

The Delaware Court of Chancery, in a ruling from the bench this week, declined to enjoin the sale of Ancestry.com but did condition the allowance of the sale going forward on the disclosure of an initial banker’s opinion that had reservations about the fairness of the deal, as well as a “don’t waive, don’t ask” standstill provision that the Court wanted the shareholders to know about before they voted on the deal. The case is In Re: Ancestry.com Inc. Shareholder Litigation, C. A. No. 7988. Tom Hals of Reuters has a helpful story on the case.