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Compact case
Case
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Reference no. 9-313-021
Published by: Harvard Business Publishing
Originally published in: 2012
Version: 25 July 2012
Length: 5 pages
Data source: Published sources

Abstract

On October 16, 2011, El Paso agreed to sell itself to Kinder Morgan for just over $21 billion. Shareholders filed suit, arguing that the process was tainted by conflict and that a higher price could be obtained. Delaware Chancellor Leo Strine argeed with the plaintiffs on the conflicts, and in his opinion expressed serious concerns with how El Paso advisor Goldman Sachs and El Paso CEO Douglas Foshee conducted themselves in the process. The case examines these conflicts, Strine's view of their effects on the outcome, and the reason he was unable to grant the plaintiff's request, instead allowing the merger vote to proceed. The case is a companion case to ‘Barclays Capital and the Sale of Del Monte Foods.’ Examines conflicts of interest among financial advisors and management in the 2011 sale of El Paso to Kinder Morgan.
Location:
Size:
> USD1 billion
Other setting(s):
2011-2012

About

Abstract

On October 16, 2011, El Paso agreed to sell itself to Kinder Morgan for just over $21 billion. Shareholders filed suit, arguing that the process was tainted by conflict and that a higher price could be obtained. Delaware Chancellor Leo Strine argeed with the plaintiffs on the conflicts, and in his opinion expressed serious concerns with how El Paso advisor Goldman Sachs and El Paso CEO Douglas Foshee conducted themselves in the process. The case examines these conflicts, Strine's view of their effects on the outcome, and the reason he was unable to grant the plaintiff's request, instead allowing the merger vote to proceed. The case is a companion case to ‘Barclays Capital and the Sale of Del Monte Foods.’ Examines conflicts of interest among financial advisors and management in the 2011 sale of El Paso to Kinder Morgan.

Settings

Location:
Size:
> USD1 billion
Other setting(s):
2011-2012

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