Hertz, DR Horton, Virtu in Court This Week: Delaware Brief

Hertz, DR Horton, Virtu in Court This Week

Hertz’s board and its private equity backers seek final Chancery Court approval Wednesday for a settlement resolving litigation over billions of dollars worth of stock buybacks, Jennifer Kay reports.

The accord would end litigation over buybacks that allegedly positioned the firms to secure a majority stake. Under the terms of the deal, an entity controlled by the firms would be subject to an amended voting agreement that restores voting control back to regular shareholders on major company decisions, even though the firms technically own over half the company. If the firms ...