In the Court of Chancery of the State of Delaware
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE IN RE OPENLANE, INC. : Consolidated SHAREHOLDERS LITIGATION : C.A. No. 6849-VCN MEMORANDUM OPINION Date Submitted: September 26, 2011 Date Decided: September 30, 2011 Seth D. Rigrodsky, Esquire, Brian D. Long, Esquire, and Gina M. Serra, Esquire of Rigrodsky & Long, P.A., Wilmington, Delaware; Daniel Hume, Esquire, Mark A. Strauss, Esquire, and Sarah G. Lopez, Esquire of Kirby McInerney LLP, New York, New York; Konstantine Kyros, Esquire and George Pressly, Esquire of Kyros & Pressly LLP, Boston, Massachusetts; and Matthew J. Day, Esquire of The Law Office of Matthew J. Day, New York, New York, Attorneys for Plaintiff. William M. Lafferty, Esquire, Eric Scott Wilensky, Esquire, and D. McKinley Measley, Esquire of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware, and David J. Berger, Esquire, Steven Guggenheim, Esquire, Thomas J. Martin, Esquire, and Luke A. Liss, Esquire of Wilson, Sonsini, Goodrich & Rosati, P.C., Palo Alto, California, Attorneys for Defendants OPENLANE, Inc., Adam Boyden, Mark Bronder, Peter Kelly, Paul Madera, David Marquardt, R. Gary McCauley, L. David Sikes, and Michael Stein. Robert S. Saunders, Esquire, Jenness E. Parker, Esquire, and Christopher M. Foulds, Esquire of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware, Attorneys for Defendants KAR Auction Services, Inc., ADESA, Inc., and Riley Acquisition, Inc. NOBLE, Vice Chancellor I. INTRODUCTION This action arises out of the proposed merger WKH ³0HUJHU´ of Defendant 23(1/$1( ,QF ³23(1/$1(´ RU WKH ³&RPSDQ\´ with Defendant 5LOH\$FTXLVLWLRQ,QF ³5LOH\´ DZKROO\-owned subsidiary of Defendant ADESA, Inc. ³$'(6$´ , which in turn, is a wholly-owned subsidiary of Defendant KAR Auction Services, Inc.
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