TC Energy (TRP) won an appeal against a $199.2 million in damages ruling after Delaware's Supreme Court reversed on Tuesday the lower court's decision from May 2024 in relation to a dispute over its acquisition of Columbia Pipeline Group, according to a court filing.
The case, brought by Columbia shareholders alleged TC Energy, formerly TransCanada, helped executives of Columbia to reduce the deal price from $26 to $25.50 per share, which allowed former Columbia CEO Robert Skaggs and CFO Stephen Smith to collect large change-of-control payments.
Delaware Chancery Court in May 2024 awarded shareholders 50 cents per share, totaling $199.2 million.
In a Tuesday ruling, Justice Gary Traynor said the Chancery Court had not applied the proper legal standard, citing a court's precedent from December 2024.
The court said TC Energy did not have an "actual knowledge of both the target's breach and the wrongfulness of its own conduct."
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。