Publication Date: 2023-10-23
Practice Area: Mergers and Acquisitions
Industry: Energy
Court: Delaware Supreme Court
Judge: Justice Griffiths
Attorneys: For plaintiff: James M. Yoch, Alberto E. Chávez, Young Conaway Stargatt & Taylor, Wilmington, DE; Paul D. Clement, Matthew D. Rowen, Clement & Murphy, PLLC, Alexandria, VA for appellants.
for defendant: Kenneth J. Nachbar, Susan Wood Waesco, Matthew R. Clark, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Antony L. Ryan, Kevin J. Orsini, Michael P. Addis, Cravath, Swaine & Moore LLP, New York, NY for appellee.
Case Number: 391, 2022
Chancery court's determination that counterparty did not breach merger agreement was supported by record evidence demonstrating that company continued to use best efforts to consummate the merger, entitling it to reimbursement of a prior termination fee and precluding liability for a breakup fee.
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