A state senator is moving ahead with legislation to curb a court’s ability to order the sale of a deadlocked company, after a proposal inspired by the long-running legal saga involving TransPerfect Global Inc. was left off of the Delaware State Bar Association’s annual package of corporate law reforms.
The bill, set to be introduced Thursday by state Sen. Colin Bonini, R-Dover South, would require the Delaware Court of Chancery to wait three years and explore other options before appointing a custodian to oversee a forced sale. It has the backing of Citizens for a Pro-Business Delaware Inc., a TransPerfect-aligned group that has waged an aggressive public relations and lobbying campaign to fight a court-ordered sale of the profitable translation-services company.
