Deal Dynamics With Controlling Shareholders

Philadelphia partner Doug Raymond authored an article for Directors & Boards’ Annual Report 2011 on the case of In re CNX Gas Corporation Shareholders Litigation.

Doug was tasked by the publication’s editors to highlight a court ruling from the past year that he feels is of particular consequence to a board’s decision-making considerations and fiduciary obligations – a ruling that highlights the position of minority stockholders in a freeze-out transaction.

Doug, a partner in the firm’s corporate group, said the case “builds on earlier case law and offers a road map to business judgment rule review of a unilateral tender offer transaction.”