Chancery Denies Fast Track For Iconix Tender Offer Suit

By Jeff Montgomery (July 26, 2021, 4:27 PM EDT) -- Delaware's chancellor on Monday denied a proposed class request to fast-track a preliminary injunction bid targeting Iconix Brand Group Inc.'s proposed $585 million go-private acquisition by Lancer Capital LLC, rejecting arguments that the deal violated corporate anti-takeover provisions.

Ruling after telephone arguments — and with a Friday midnight deadline looming on a Lancer tender offer — Chancellor Kathaleen S. McCormick said that attorneys for stockholder Apostle Mamakas and the proposed class failed to make a plausible argument for expediting action on a motion to enjoin the tender offer.

The suit behind the fast-track request, filed on July 21, argues that Iconix's...

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