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Revlon v. MacAndrews & Forbes (Del. 1986)
As you have just read, in 1985, Unocal and Moran approved boards’ use of powerful, discriminatory defensive tactics. You will now read Revlon, the 1986 decision that drew the line at playing favorites: if the board decides to sell or break up the company, then it can no longer defend selectively against some bidders but not others.
Questions:
1. Does this distinction make sense?
2. Where would you draw the line?
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