Mergers & Antitrust Law News

Twin River Board, Officers Dodge Most of Stock Buyback Suit

Jan. 13, 2020, 11:01 PM

Twin River Worldwide Holdings Inc.’s board and top attorney must face part of a lawsuit challenging a stock buyback that diluted the value of certain investments, but the casino operator’s chief financial officer is off the hook, a Delaware judge ruled Monday.

The Chancery Court suit accused Twin River’s leadership of arranging the stock issue as part of an effort to increase the ownership of Standard General LP, a hedge fund led by one of its directors.

The case was filed by Chatham Asset Management LLC, which controlled about 15% of Twin River before the tender. That’s the maximum any...

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