In re NETSMART TECHNOLOGIES, INC. SHAREHOLDERS LITIGATION.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: March 6, 2007.
Decided: March 14, 2007.
Attorney(s) appearing for the Case
Pamela S. Tikellis, Esquire, A. Zachary Naylor, Esquire, Chimicles & Tikellis, LLP, Wilmington, Delaware; Joseph A. Rosenthal, Esquire, Carmella P. Keener, Esquire, Jessica Zeldin, Esquire, Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Delaware Liaison Counsel for Plaintiffs.
Richard B. Brualdi, Esquire, The Brualdi Law Firm, New York, New York; Robert P. Frutkin, Esquire, The Law Offices Bernard M. Gross, P.C., Philadelphia, Pennsylvania, Attorneys for Plaintiff.
Chet B. Waldman, Esquire, Wolf Popper LLP, New York, New York; Eduard Korsinsky, Esquire, Zimmerman, Levi & Korsinsky, LLP, New York, New York, Members of Plaintiffs' Executive Committee.
Kurt M. Heyman, Esquire, Proctor Heyman LLP, Wilmington, Delaware; Edward F. Cox, Esquire, Kenneth J. King, Esquire, Emily Goldberg, Esquire, Patterson Belknap Webb & Tyler, LLP, New York, New York, Attorneys for Defendants Francis J. Calcagno, John S.T. Gallagher, Yacov Shamash and Joseph G. Sicinski.
Anne C. Foster, Esquire, Richards Layton & Finger, P.A., Wilmington, Delaware; Peter A. Mahler, Esquire, Farrell Fritz, P.C., New York, New York, Attorneys for Defendants Netsmart Technologies, Inc., James L. Conway, Gerald O. Koop, John F. Phillips, Kevin Scalia and Alan B. Tillinghast.
Kenneth J. Nachbar, Esquire, Morris Nichols Arsht & Tunnell, LLP, Wilmington, Delaware; William J. Sushon, Esquire, Aaron Weiss, Esquire, O'Melveny & Myers, LLP, New York, New York, Attorneys for Defendants NT Acquisition, Inc., NT Merger Sub, Inc., NT Investor Holdings, Inc., Bessemer Venture Partners LP and Insight Venture Partners LP.
Court of Chancery of Delaware, New Castle County.
OPINION
STRINE, Vice Chancellor.
I. Introduction
This case literally involves a microcosm of a current dynamic in the mergers and acquisitions market. Netsmart Technologies, Inc. has entered into a "Merger Agreement" with two private equity firms, Insight Venture Partners ("Insight") and Bessemer Venture Partners ("Bessemer"). If the $115 million "Insight Merger" (or "Merger") is consummated, Netsmart's stockholders will receive $16.50 per...
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