Calgon’s $1.1 Billion Kuraray Deal Upheld by Delaware High Court

Calgon Carbon Corp.'s former leaders escaped litigation challenging its $1.1 billion sale to Kuraray Co. on Monday, when Delaware’s top court rejected claims that they cooked the books to secure investor approval for the transaction.

The state’s justices upheld a ruling by Vice Chancellor Morgan T. Zurn, who dismissed the lawsuit from Delaware’s Chancery Court. The suit was filed by a Teamsters pension fund that claimed the deal, which retained management, cashed out Calgon shareholders at an unfairly low price.

Zurn in May dismissed allegations that Calgon’s board sought to make the price more attractive by concealing an overperforming segment ...