Delaware Court of Chancery Issues Additional Guidance on Busted Deals
By EsqSocial Corporation 07/05/21
On April 30, 2021, then-Vice Chancellor (now Chancellor) Kathaleen S. McCormick of the Delaware Court of Chancery issued a post-trial decision addressing an array of important topics in the "busted deal" context following a private equity buyer's attempt to terminate its $550 million acquisition of a private cake decorating company. In this decision—Snow Phipps Group, LLC v. KCAKE Acquisition, Inc.—the court rejected the buyer's attempt to terminate the deal on the basis of an alleged material...
By: Wilson Sonsini Goodrich & Rosati