Haynes and Boone in the Texas Lawyer: $21.4 Million Merger Completed After Motion for Preliminary Injunction Denied

07/25/2014


After a federal judge denied a motion for a preliminary injunction that would have halted its merger, Hastings Entertainment of Amarillo completed a merger with Draw Another Circle in a deal valued at $21.4 million.

Haynes and Boone, LLP represented Hastings in the merger negotiations. The firm, along with Nancy Stone, of Nancy J. Stone Law Offices in Amarillo, also represented a special committee of the board of directors in the federal court lawsuit...

After the merger agreement was announced in March, two Hastings shareholders filed a class action and derivative action alleging, among several things, Hastings and its board of directors breached their fiduciary duties by entering into the merger agreement with the Weinshanker companies. On May 28, U.S. District Judge Mary Lou Robinson of the Northern District of Texas entered a temporary restraining order that enjoined the merger from going forward before June 12. On June 19 Robinson issued an order denying a motion for a preliminary injunction sought by the plaintiffs...

Haynes and Boone Partner Nicholas Even of Dallas represented the special committee in the litigation, with assistance from Dallas associates Richard Guiltinan and Matt McGee. Partner Scott Wallace of Dallas advised the special committee on the negotiation of the merger transaction.

Excerpted from the Texas Lawyer, July 25, 2014. To view full article, click here.

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