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From left: Robert B. Little and Lewis J. Matthews of Gibson Dunn & Crutcher From left: Robert B. Little and Lewis J. Matthews of Gibson, Dunn & Crutcher.

In Walsh v. White House Post Productions, Del. Ch., C.A. No. 2019-0419-KSJM, McCormick, V.C. (Mar. 25, 2020) (Mem. Op.), the Delaware Court of Chancery held that a buyout provision in the operating agreement of a Delaware limited liability company was a “call option” and that the company could not withdraw from the buyout process following the company’s exercise of the option. The Court of Chancery’s opinion offers valuable guidance to Delaware limited liability companies when drafting the buyout provision of their operating agreements, as well as when Delaware limited liability companies are considering exercising a buyout right in accordance with the terms of their operating agreements.

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