Which of the following was the result on appeal in the case in the text Omnicare,Inc.v.NCS Healthcare,Inc.,involving whether directors of an insolvent publicly traded company violated their fiduciary duty when they entered into an agreement for the sale of the company to a particular interested buyer regardless of other offers?
A) That the directors violated their fiduciary duty and lacked the authority to agree to an absolute lock-up guaranteeing the sale and agreeing to forego consideration of future offers.
B) That the directors violated their fiduciary duty because the agreement was kept secret from majority shareholders but that, otherwise, the agreement foregoing consideration of future offers would have been valid.
C) That the directors violated their fiduciary duty because the agreement was kept secret from minority shareholders but that, otherwise, the agreement foregoing consideration of future offers would have been valid.
D) That the directors satisfied all fiduciary duties because there was no evidence of bad faith or self dealing.
Correct Answer:
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