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Dolan’s MSG Networks Merger Vote Can Proceed, Judge Rules

  • Deal found not to trample legal rights of minority investors
  • Disgruntled MSG shareholders called merger insider transaction
James L. Dolan

James L. Dolan

Photographer: Ethan Miller/Getty Images

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MSG Networks Inc. shareholders can proceed with a vote next week on a proposed merger with Madison Square Garden Entertainment Corp. after a judge rejected an investor request to delay attempts by billionaire James Dolan to consolidate his family’s interest in the companies.

Delaware Chancery Court Judge Kathaleen McCormick on Friday ruled that MSG’s board did what was necessary to protect shareholders as part of the deal. The judge said in her ruling she moved quickly to decide the issue “given the proximity of the shareholder vote.” She heard arguments on the injunction Thursday in Wilmington.