A Delaware Court of Chancery case is the first to allow a company to back out of a transaction due to unforeseen business consequences of the COVID-19 pandemic.
A 243-page opinion by Vice Chancellor J. Travis Laster on Monday found that based on contract language similar to what’s been referenced in similar pending cases, MAPS Hotel and Resorts One LLC doesn’t have to follow through on what was set to be a $5.8 billion purchase of luxury hotel companies from AB Stable VIII LLC, a subsidiary of the Chinese company formally called Anbang Insurance Group Ltd.
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