Noble Energy’s $5 Billion Chevron Deal Beats Investor Challenge

Noble Energy Inc.'s ex-board dodged litigation over its $5 billion sale to Chevron Corp., when a Delaware judge ruled Wednesday that the investors who approved the deal were told enough about it to make an informed choice.

Vice Chancellor Sam Glasscock III dismissed the case from Delaware’s Chancery Court, saying any fiduciary breaches in the run-up to the merger were “cleansed” by the shareholder vote. He rejected claims that Noble’s former board withheld important information from investors.

Although the board allegedly spurned a $6 billion proposal for only some of Noble’s assets, there was nothing “material” to tell investors ...