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How Has COVID-19 Impacted M&A Agreements? | Faegre Drinker Biddle & Reath LLP

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The global outbreak of COVID-19 hit the United States in March 2020. Over a year later, it has irrevocably altered the way that M&A parties negotiate and structure agreements for the purchase and sale of private companies.
In the wake of the pandemic, parties to privately negotiated M&A agreements have begun adding provisions or modifying existing ones to account for the many challenges COVID-19 has presented. For example, since March 2020, many M&A agreements specifically include or exclude the pandemic and its effects from the definition of “material adverse event” (MAE). This definition and the negotiations relating to it are extremely important because the definition serves the purposes of (a) allocating pre-closing adverse-change risk and (b) qualifying the seller’s or the company’s representations or bring-down closing conditions. ....

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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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First Delaware COVID-19 M&A Decision | Gray Reed

In
AB Stable VIII LLC v. Maps Hotel and Resorts One LLC et al., the Delaware Court of Chancery has published its first ruling regarding whether or not the effects of the COVID-19 pandemic constitute a material adverse effect (“MAE”) that would allow a buyer to terminate an acquisition agreement entered into prior to the COVID-19 outbreak in the U.S.
Introduction
In early 2019, AB Stable VIII LLC (“Seller”) initiated a sale process for its portfolio of fifteen luxury hotels located in the U.S. The winning bidder was MAPS Hotels and Resorts LLC (“Buyer”). Buyer and Seller entered into a purchase agreement (the “Agreement”) on September 10, 2019. After entering into the Agreement, but before the scheduled closing date, the COVID-19 pandemic dramatically impacted the business and leisure travel industries, and the hotel industry saw its occupancy and revenues plummet. In response to these changes and to conserve cash, Seller made several changes to its o ....

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Inside the Courts – An Update From Skadden Securities Litigators - March 2021 | Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2021 | Skadden, Arps, Slate, Meagher & Flom LLP
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Latin America Dispute Resolution Update – The Latest Developments in Cross-Border Disputes Involving the US and Latin America | Skadden, Arps, Slate, Meagher & Flom LLP

COVID-19’s Impact on M&A Transactions and Material Adverse Effect Clauses
The COVID-19 pandemic has given rise to many M&A-related disputes. By some estimates, over 3,000 commercial cases were filed in U.S. federal courts alone as a result of the COVID-19 crisis. This figure does not account for numerous COVID-related disputes that were filed in U.S. state courts. Given that many transactions involving Latin American parties incorporate New York law or are based on provisions developed under New York law, these decisions may be of particular interest to companies doing business in Latin America.
In a number of the cases, the dispute turns on a provision common to M&A transactions, namely the material adverse event or effect (MAE) clause (sometimes referred to as the material adverse change (MAC) clause). An MAE/MAC clause, subject to its specific terms, may excuse a buyer from its obligation to close where the seller experiences a significant change in condition after si ....

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