Insurance — inadequate consideration for merger

Posted February 14, 2023 11:19 AM

Where insurance provision excluding indemnification of claims for inadequate consideration in merger applied even though plaintiffs also alleged inadequate disclosure under Sec. 14 of the Securities Exchange Act.The 7th U.S. Circuit Court of Appeals affirmed a decision by Judge Lynn Adelman, Eastern District of Wisconsin. In 2016, Joy Global Inc. and Komatsu America Corp., two manufacturers of heavy equipment used in mining, agreed to merge. The merger required the approval of Joy Global’s investors. As Joy Global had …

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