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."
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