In a Pickle: Barclays Capital and the Sale of Del Monte Foods (B)
Posted: 4 Feb 2012
Date Written: August 19, 2011
The B case describes Laster's ruling and thoughts. Del Monte's board had violated its fiduciary duty to shareholders by allowing Barclays to play a dual role, for the seller and the buyer, that disadvantaged the Del Monte shareholders. Laster saved his most severe criticism for Barclays, suggesting that, among other things, it had misled its client's board.
Learning Objective: To explore the responsibilities that investment bankers as advisors have to their clients, as well as the challenge boards of directors face in properly executing their fiduciary duties. In the B case, the issue of proper remedies for the shareholders can be explored.
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