Supply Chain Council of European Union | Scceu.org
Procurement

Del. Chancery Dismisses Suit Over $1.1B Calgon-Kuraray Deal

by scceu0414

By Jeff Montgomery (May 31, 2022, 7:58 PM EDT) — A Calgon Carbon Corp. stockholder challenge to the company’s $1.1 billion sale to a Japan-based multinational in March 2018 ended with a dismissal in Delaware Chancery Court on Tuesday, after a vice chancellor rejected claims of deal disclosure failures and tainted negotiations.

The 50-page decision by Vice Chancellor Morgan T. Zurn found the Teamster Members Retirement Plan failed to show that Kuraray Co. Ltd. and Kuraray Holdings USA Inc. acquired the Pittsburgh-based activated carbon giant for an unfair price despite being the lone bidder for the business.

The $21.50 per share final price was 62.9% more than the company’s unaffected share…

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