The Delmonte opinion came out today.
Turns out the banksters were turning away bids and steering buyouts to private equity investors. Rather than to, um, a firm that could use the company to grow its own business or do something else productive and useful. And probably be better in the long run for the rest of the shareholders, employees, and all the other corporate constituents.
Well, the Delaware court said this was a big no-no -- at least when you're a bank and you promised the company offering itself up for sale that you wouldn't put the deal together on behalf of private equity. And did it anyway.
But other than that lie... they probably would have gotten away with it. So on goes the trend -- companies being bought by private equity. hopefully private equity actually wants to run a good business. one that will last longer than their quarterly reports to shareholders.
