Boardrooms are more cautious about how they use investment banks following a recent Delaware court ruling that blasted a bank's motives in being both adviser and financier in a deal. The case, which struck at the core of the relationship between investment banks and the companies they advise, has made boards nervous about whether they will be accused of not conducting sales of companies openly and fairly. "No doubt, it's having an impact," said Howard Ellin, co-head of Skadden's M&A practice, speaking at the Reuters Global M&A Summit. "It is ... a reminder of the role of the board and a reminder of the relationship, and a very serious reminder of how you set up the entire process."
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