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Significant 2020 Decisions Affecting Private Company M&A - Corporate/Commercial Law

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This newsletter is our seventh annual review of significant
state court decisions relevant for private company M&A
transactions and related governance matters and disputes.
Hallisey v. Artic Intermediate, LLC ,
C.A. No. 2019-0980-MTZ (Del. Ch. Oct. 29, 2020)
Summary
Acquiror was not entitled to a post-closing purchase price
adjustment in its favor due to having delivered its Closing
Statement after the contractually agreed deadline.
Background
This decision involved a motion for judgment on the pleadings
filed by Hallisey, as seller representative (Seller Rep) under a ....

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Quarterly Corporate / M&A Decisions Update: Q4 2020 | Hogan Lovells

In re Nine West LBO Sec. Litig., No. 20 MD. 2941 (S.D.N.Y. Dec. 4, 2020)
Summary
In 2014, Sycamore Partners Management LP (Sycamore) acquired The Jones Group (Jones) in a leveraged buyout. The merger provided for five different components: (1) Jones would merge with a Sycamore affiliate and become “Nine West Holdings” (Nine West); (2) Sycamore would contribute at least US$395 million in equity to Nine West; (3) Nine West would increase its debt from US$1 billion to US$1.2 billion; (4) Jones shareholders would receive US$15 per share; and (5) two high-end brands, along with another business unit, would be sold to other Sycamore affiliates for less than fair market value. ....

United States , Richard Stollmeyer , Brett White , Hogan Lovells , Mirae Asset Financial Group The Buyer , Cyan Inc , Solera Holdings Inc , Nett Ltd , Transaction Committee , Beaver County Employees Retirement Fund , Nine West Holdings , Strategic Hotels Resorts , Gilead Sciences Inc , Mindbody Inc , Delaware Superior Court , Travelport Ltd , Jones Group , Ab Stable , Queen Bench Division Commercial Court , Us Supreme Court , Comm English High Court , Optal Ltd , Delaware Supreme Court , Akorn Incv Fresenius Kabi , Uber Technologies Inc , Quarterly Corporate ,

Delaware Court of Chancery Issues Precedential Decision Addressing the Impact of COVID-19 on M&A Transaction, Finding Violation of Ordinary Course Covenant but No Material Adverse Effect | Akin Gump Strauss Hauer & Feld LLP

Key Points
In
AB Stable VIII LLC v. Maps Hotels and Resorts One LLC, the Delaware Court of Chancery issued a precedential decision addressing whether a buyer could walk away from an M&A transaction because the target company’s responses to the COVID-19 pandemic constituted either (1) a “material adverse effect” (MAE) or (2) a breach of the covenant to operate in the ordinary course of business between signing and closing (“Ordinary Course Covenant”).
Although the MAE definition did not include an exception for the effects arising from a “pandemic” or “epidemic,” the court found that the impact of COVID-19 on the target’s business fell within the “natural disasters or calamities” exception to the MAE clause and thus did not constitute an MAE. ....

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Delaware Puts The Conduct Of Business Covenant On Center Stage In COVID-Related M&A Dispute - Corporate/Commercial Law

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In the months following the onset of the COVID-19 pandemic, a
slew of parties filed lawsuits in US courts relating to M&A
transactions that were signed prior to March 2020 and that buyers
were seeking to terminate as a result of the pandemic. In these
lawsuits, buyers commonly alleged one (or both) of the following as
justification for their failure to close: (i) that the target
suffered an MAE as a result of COVID-19 s impact on its
business; or (ii) that target materially breached the conduct of ....

United States , Strategic To Mirae Asset Financial Group , Anbang Insurance Group , Strategic Hotels Resorts , Ab Stable , Delaware Chancery Court , Vice Chancellor Laster , Resorts One , Elusive Series , Strategic Hotels , Mirae Asset Financial Group , What They Ve , Permission Rather , Systemic Risk Allocation Disconnect , Business Covenant , ஒன்றுபட்டது மாநிலங்களில் , மூலோபாய க்கு மீரே சொத்து நிதி குழு , மூலோபாய ஹோட்டல் ரிசார்ட்ஸ் , அப நிலையான , டெலாவேர் சான்சரி நீதிமன்றம் , துணை அதிபர் நீடித்தது , ரிசார்ட்ஸ் ஒன்று , மழுப்பலாக தொடர் , மூலோபாய ஹோட்டல் , மீரே சொத்து நிதி குழு , என்ன அவர்கள் வே ,

Blog: Delaware Puts the Conduct of Business Covenant on Center Stage in COVID-Related M&A Dispute | Cooley LLP

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In the months following the onset of the COVID-19 pandemic, a slew of parties filed lawsuits in US courts relating to M&A transactions that were signed prior to March 2020 and that buyers were seeking to terminate as a result of the pandemic. In these lawsuits, buyers commonly alleged one (or both) of the following as justification for their failure to close: (i) that the target suffered an MAE as a result of COVID-19’s impact on its business; or (ii) that target materially breached the conduct of business covenant by virtue of its actions (or inactions) in response to COVID-19. Despite the initial flurry of litigation activity, many parties settled their disputes prior to trial, such that Vice Chancellor Laster’s recent opinion in ....

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