Have Your Cake, And Closing Too: Invoking Prevention Doctrine, Delaware Chancery Court Grants Seller's Request For Specific Performance In COVID-Related M&A Dispute - Corporate/Commercial Law
Chancellor McCormick's opinion in Chalking up a victory for deal certainty, this post-trial decision resolves all issues in favor of seller and orders the buyers to close on the purchase agreement." In reaching this order, the court applied the prevention doctrine, finding that the unavailability of buyer's debt financing did not permit buyer to circumvent its obligation to close because buyer materially contributed to the debt financing being unavailable. The application of the prevention doctrine in this context is noteworthy and raises some interesting (albeit unanswered) questions as it ...
Source: mondaq.com
