• In Re: Altaba, Inc.

    Publication Date: 2021-10-27
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Paul J. Lockwood, Arthur R. Bookout, Matthew P. Majarian, Kathryn S. Bartolacci, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: Michael A. Pittenger, Berton W. Ashman, Jr., David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE; William Savitt, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for claimants.

    Case Number: D69582

    During the process of sale and dissolution, company failed to provide sufficient security to cover potential indemnification claims incurred by buyer.

  • Yatra Online, Inc. v. Ebix, Inc.

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Software | Transportation | Travel and Tourism
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP; Wilmington, DE; Mark Lebovitch, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Alisa E. Moen, Moen Law LLC, Wilmington, DE for plaintiff.
    for defendant: Paul J. Lockwood, Cliff C. Gardner, Elisa M.C. Klein, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Tammy L. Mercer, Lakshmi A. Muthu, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Robert A. Muckenfuss, Kelly A. Warlich, McGuireWoods LLP, Charlotte, NC; Kayla J. Marshall, McGuireWoods LLP, Washington DC; Michael D. DeBaecke, F. Troupe Mickler IV, Ashby & Geddes, P.A., Wilmington, DE; Victor A. Walton, Jr., Eric W. Richardson, David F. Hine, Vorys, Sater, Seymour and Pease LLP, Cincinnati, OH for defendants.

    Case Number: D69537

    Where plaintiff terminated a merger agreement, the termination provision in the agreement prevented plaintiff from re-covering against defendant for breach of contract.

  • Ligos v. Isramco, Inc.

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Samuel L. Closic, Stephen D. Dargitz, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, J. Daniel Albert, Justin O. Reliford, Christopher M. Windover, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: William B. Chandler III, Bradley D. Sorrels, Daniyal M. Iqbal, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Steven Guggenheim, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; S. Mark Hurd, Daniel T. Menken, Morris Nichols Arsht & Tunnel, LLP, Wilmington, DE; Danny David, Amy Pharr Hefley, Baker Botts L.L.P., Houston, TX; Bradley R. Aronstam, Adam D. Gold, Anthony M. Calvano, Ross Aronstam & Moritz, Wilmington, DE for defendants.

    Case Number: D69535

    Business judgment review at the pleadings stage denied where minority stockholders were not informed that controller standing on both sides of cash-out merger transaction had also participated in an arbitration that would affect the value assets that made up a critical component of the company's overall value, thereby supporting an inference that the stockholder approval was uninformed.

  • Teamsters Local 237 Additional Sec. Benefit Fund v. Caruso

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN for plaintiffs.
    for defendant: Edward B. Micheletti, Cliff C. Gardner, Veronica B. Bartholomew, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.

    Case Number: D69536

    Claim of breach of fiduciary duty by CEO with conflict of interest in merger transaction failed where there was no allegation that the independent board was unreasonable in its oversight activities during the negotiation process or that CEO acted to undermine the board's authority.

  • Kihm v. Mott

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Joel Friedlander, Jeffery M. Gorris, Friedlander & Gorris, P.A., Wilmington, DE; R. Bruce McNew, Cooch & Taylor, P.A., Wilmington, DE; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN; Peretz Bronstein, Bronstein, Gewirtz & Grossman, LLC, New York, NY for plaintiff.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Peter L. Welsh, Elena Weissman Davis, Ropes & Gray LLP, Boston, MA; Timothy R. Farrell, Ropes & Gray LLP, Chicago, IL; Christian Reigstad, Ropes & Gray LLP, New York, NY; Paul D. Brown, Joseph B. Cicero, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Roger A. Lane, Courtney Worcester, Holland & Knight LLP, Boston, MA; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Bruce Birenboim, Susanna M. Buergel, Christopher L. Filburn, Paul, Weiss, Rifkind, Wharton & Garrison, LLP, New York, NY for defendants.

    Case Number: D69534

    Post-closing fiduciary claims against directors failed where none of the alleged omissions from the board's disclosure statement to stockholders rendered the statement deficient, such that the approval of the transaction by a majority of informed, uncoerced stockholders relieved the directors from any liability for fiduciary claims arising from the sale of the company.

  • Flannery v. Genomic Health, Inc.

    Publication Date: 2021-09-01
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel L. Closic, Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Stephen J. Oddo, Gregory E. Del Gaizo, Eric M. Carrino, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: Robert S. Saunders, Stefania A. Rosca, Matthew R. Conrad, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; C. Barr Flinn, Emily V. Burton, Peter J. Artese, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Douglas A. Rappaport, Kaitlin D. Shapiro, Akin Gump Strauss Hauer & Feld LLP, New York, NY; Daniel A. Mason, Brendan W. Sullivan, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Daniel J. Toal, Geoffrey Chepiga, Caitlin E. Grusauskas, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William M. Lafferty, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Willkie Farr & Gallagher LLP, New York, NY for defendants.

    Case Number: D69521

    The court granted defendants' motions to dismiss plaintiff's breach of fiduciary duty claims, because plaintiff did not establish any improper conduct in connection with a merger.

  • Aureus Holdings, LLC v. Kubient, Inc.

    Publication Date: 2021-08-25
    Practice Area: Mergers and Acquisitions
    Industry: Advertising | E-Commerce | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff: Larry R. Wood, Jr., Brandon W. McCune, Blank Rome LLP, Wilmington, DE for plaintiff.
    for defendant: Rudolf Koch, Travis S. Hunter, Nicole K. Pedi, Valerie A. Caras, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.

    Case Number: D69510

    Court declined to dismiss unjust enrichment/tortious interference claims where plaintiff alleged that defendant acted in bad faith to siphon plaintiff's customers and business development efforts, and where the parties' binding letter of intent only governed the parties' duties to create a final acquisition agreement.

  • Aveanna Healthcare, LLC v. Epic/Freedom, LLC

    Publication Date: 2021-08-25
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Health Care
    Court: Delaware Superior Court
    Judge: Judge LeGrow
    Attorneys: For plaintiff: Richard L. Renck, Tracey E. Timlin, Duane Morris LLP, Wilmington, DE; Robert M. Castle, III, Randy D. Gordon, Duane Morris LLP, Dallas, TX for plaintiff.
    for defendant: Kenneth J. Nachbar, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; R. Todd Cronan, Joseph P. Rockers, Goodwin Procter LLP, Boston, MA for defendants.

    Case Number: D69511

    Buyer could pursue fraud claims against seller of companies, even though the companies made the fraudulent misrepresentations, where an anti-reliance clause could not exculpate liability for intra-contractual fraud and where the seller was plausibly alleged to have known of the falsity of the contractual representations.

  • Houseman v. Sagerman

    Publication Date: 2021-08-04
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Eric M. Andersen, Andersen Sleater Sianni LLC, Wilmington, DE for plaintiffs.
    for defendant: Stephen L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE for defendant.

    Case Number: D69488

    Standard of review of a shareholders' representative's actions was subjective good faith where the representative was not a corporate fiduciary but instead was contractually limited to only take those actions the representative considered necessary to carry out the company's contractual obligations.

  • HostForWeb, Inc. v. Frank

    Publication Date: 2021-07-21
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: James D. Taylor, Jr., Charles E. Davis, Saul Ewing Arnstein & Lehr LLP, Wilmington, DE; John B. Wolf, Ashman & Stein, Stokie, IL for plaintiff.
    for defendant: John A. Sensing, Jesse L. Noa, Potter Anderson & Corroon LLP, Wilmington, DE; Branden P. Moore, McGuire Woods LLP, Pittsburgh, PA for defendants.

    Case Number: D69472

    Defendants' counterclaims were dismissed where it could not obtain a setoff from its payments to plaintiff for plaintiff's purported breach of the parties' asset purchase agreement where the express terms of the APA did not allow for setoffs.