Blog - 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
By EsqSocial Corporation 24/05/21
Chancellor McCormick’s opinion in Snow Phipps Group, LLC, et al. v. KCake Acquisition, Inc., et al. (Del. Ch. April 30, 2021) is 125 pages long, but she helpfully digests the holding in a single sentence on page 3: “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...
By: Cooley LLP