Professor Bainbridge here provides an analysis on his blog of the applicability of the Revlon duties of a director (which he describes as a mere extension of Unocal ) in the context of a hypothetical situation where a board is confronted with an unsolicited offer. It is a fairly thorough treatment of the applicability of Revlon  in certain situations. The good professor also wonders aloud why the Delaware Supreme Court appears hostile to "no shop" clauses.