The Sky is Not Falling: Ryan v. Lyondell and Lessons from Decisions Denying Pretrial Dispositive Motions in the Delaware Court of Chancery

In late July 2008, the Delaware Court of Chancery issued an opinion in Ryan v. Lyondell Chemical Company, denying the director defendants’ motion for summary judgment in a stockholder suit alleging that the directors breached their Revlon duties in approving a $13 billion cash acquisition of Lyondell by Basell AF. The Court acknowledged that the director defendants were independent and not motivated by financial self-interest to approve the merger and also that the $48 per share price "was undeniably a fair one and may well have been the best that could reasonably have been obtained in that market or any market since then."

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