The Widener University School of Law and the Delaware Journal of Corporate Law are sponsoring a symposium on Delaware corporate law on Monday, April 11, 2011 at the law school, with a topic of: 

Irreconcilable Differences: Director, Manager and Shareholder Conflicts in Takeover Transactions

The sponsors describe the symposium and the agenda as follows:

Takeover Transactions involving directors, managers, and shareholders are rife with conflicts. These conflicts can be stark as in a freeze-out or management buy-out. They can also be more subtle. Management can be requested to remain part of the management group, a so-called management buy-in. A controlling shareholder can receive a differential benefit in a takeover. Directors and management can skew the takeover process to preferred bidders through control of the sale process and negotiation of acquisition agreement lock-ups. From a buyer perspective, directors can structure the takeover to further entrench themselves. The Delaware courts have recently grappled with many of these issues. Recent opinions have addressed poison pills, the appropriate standard to govern judicial review of freeze-out transactions, differential treatment of controlling and non-controlling shareholders, the parameters of lock-ups, and issues arising from undue management influence in the management buyout process. 

The Delaware courts are also grappling with the appropriate remedy when proper procedures are not utilized in a takeover. This conference hosted by The Delaware Journal of Corporate Law will bring together academics, judges, and practitioners to discuss the current Delaware case-law on these issues, appropriate standards to regulate these conflicts, and related research.

Symposium Chair – Steven M. Davidoff
Symposium Planning Committee – Caroline M. Gentile, Paul L. Regan


Symposium Agenda

8:00-8:30 am REGISTRATION/CHECK-IN & CONTINENTAL BREAKFAST
8:30-8:45 am WELCOME & INTRODUCTION

Dean Linda L. Ammons
Widener University School of Law

Steven M. Davidoff
Professor, University of Connecticut School of Law

8:45-10:00 am THE PARAMETERS OF DIRECTOR INDEPENDENCE

MODERATOR:
Caroline M. Gentile
Ruby R. Vale Scholar, Widener University School of Law
Professor, Fordham University School of Law

PRESENTERS:
Audra L. Boone
Professor, University of Kansas School of Business

Claire A. Hill
Professor, University of Minnesota School of Law

Brett McDonnell
Professor, University of Minnesota School of Law

Samuel C. Thompson, Jr.
Professor, Penn State The Dickinson School of Law

10:00-10:15 am BREAK
10:15 -11:55 am JUDICIAL STANDARDS AND REMEDIES FOR CONFLICTED TRANSACTIONS

MODERATOR:
Matthew D. Cain
Professor, Notre Dame College of Business

PRESENTERS:
Guhan Subramanian
Professor, Harvard School of Business
Professor, Harvard Law School

Mark A. Morton, Esq.
Potter Anderson & Corroon LLP

Faith Stevelman
Professor, New York Law School

Neil Whoriskey, Esq.
Cleary Gottlieb Steen & Hamilton LLP

11:55-1:30 pm LUNCH (BARRISTERS’ CLUB)

KEYNOTE SPEAKER:
The Honorable William B. Chandler III
Chancellor, Delaware Court of Chancery

1:30 – 2:40 pm JUDICIAL MONITORING OF ACQUISITIONS

MODERATOR:
Caroline M. Gentile
Ruby R. Vale Scholar, Widener University School of Law
Professor, Fordham University School of Law

PRESENTERS:
Steven M. Davidoff
Professor, University of Connecticut School of Law

Brian J.M. Quinn
Professor, Boston College of Law

Paul L. Regan
Professor, Widener University School of Law

Charles K. Whitehead (submitting paper but not presenting)
Professor, Cornell Law School

2:40 – 2:55 pm BREAK
2:55 – 3:10 pm INTRODUCTION

Robert A. Kindler
Vice Chairman of Investment Banking
Morgan Stanley

3:10 – 4:30 pm ROUNDTABLE DISCUSSION

FACILITATOR:
Steven M. Davidoff
Professor, University of Connecticut School of Law

PARTICIPANTS:
The Honorable Leo E. Strine, Jr.
Vice Chancellor, Delaware Court of Chancery

Randall J. Baron, Esq.
Robbins Geller Rudman & Dowd LLP

Lucian A. Bebchuk
Professor, Harvard Law School

Chris Cernich
Director of M&A and Proxy Contest Research, ISS Governance

Isaac D. Corré
Eton Park Capital Management

William J. Haubert, Esq.
Richards Layton & Finger, P.A.

Mark Lebovitch, Esq.
Bernstein Litowitz Berger & Grossmann LLP

William Savitt, Esq.
Wachtell, Lipton, Rosen & Katz

Minh Van Ngo, Esq.
Cravath, Swaine & Moore LLP

Neil Whoriskey, Esq.
Cleary Gottlieb Steen & Hamilton LLP

James C. Woolery
JP Morgan Chase

4:30 – 5:15 pm DELAWARE ROUNDTABLE DISCUSSION

FACILITATOR:
Paul L. Regan
Professor, Widener University School of Law

PARTICIPANTS:
Kevin F. Brady, Esq.
Connolly Bove Lodge & Hutz LLP

Lewis H. Lazarus, Esq.
Morris James LLP

Martin S. Lessner, Esq.
Young Conaway Stargatt & Taylor LLP

Edward B. Micheletti, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP

Mark A. Morton, Esq.
Potter Anderson & Corroon LLP

Kenneth J. Nachbar, Esq.
Morris, Nichols, Arsht & Tunnell LLP

Francis G.X. Pileggi, Esq.
Fox Rothschild LLP

5:15 – 5:30 pm CLOSING REMARKS, EVALUATIONS & CERTIFICATES