• Berteau v. Glazek

    Publication Date: 2021-07-21
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Neal C. Belgam, Robert K. Beste, Michael C. Wagner, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Peter B. Andrews, Craig Springer, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, David Tejtel, Friedman, Oster & Tejtel, LLP, New York, NY for plaintiff.
    for defendant: John M. Seaman, Matthew L. Miller, Christopher F. Cannataro, Abrams & Bayliss LLP, Wilmington, DE; David A. Dorey, Brandon W. McCune, Blank Rome LLP, Wilmington, DE; Barry H. Genkin, Blank Rome LLP, Philadelphia, PA; Blake Rohrbacher, Christian C.F. Roberts, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.

    Case Number: D69470

    Stockholder plausibly challenged merger transaction under entire fairness review where controller of both parties to merger received greater value from the transaction, a benefit not shared with the minority stockholders.

  • CLP Toxicology, Inc. v. Casla Bio Holdings LLC

    Publication Date: 2021-07-07
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: Christopher Viceconte, Gibbons P.C., Wilmington, DE; Anthony J. Rospert, Thomas M. Ritzert, Thompson Hine LLP, Cleveland, OH; Heather M. Hawkins, Thompson Hine LLP, Cincinnati, OH for plaintiff.
    for defendant: Peter B. Ladig, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE; Jordan D. Weiss, Allison R. Klein, Goodwin Procter LLP, New York, NY for defendant.

    Case Number: D69454

    Breach of earnout payment contractual provision counterclaim was dismissed where contract required arbitration of disputes over calculation and payment, which claims of diversion of funds to avoid triggering payment obligations fell under.

  • Shareholder Representative Serv. LLC v. Albertsons Co., Inc.

    Publication Date: 2021-06-23
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John T. Ruskusky, Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiff.
    for defendant: Thomas E. Hanson, Jr., Barnes & Thornburg LLP, Wilmington, DE; Michael E. Swartz, Taleah E. Jennings, Schulte Roth & Zabel LLP, New York, NY; Thomas P. DeFranco, Schulte Roth & Zabel LLP, Washington, DC for defendant.

    Case Number: D69445

    The court refused to dismiss a breach of contract claim where plaintiff alleged sufficient facts to support its assertion that defendant intentionally missed milestones under a merger agreement that would have required it to make earnout payments.

  • Cambria Equity Partners L.P. v. Relight Enter. S.A.

    Publication Date: 2021-06-23
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: John G. Harris, Richard I. G. Jones, Jr., Berger Harris LLP, Wilmington, DE; Lydia Ferrarese, Mark Weissman, Herzfeld & Rubin, P.C., New York, NY for plaintiffs.
    for defendant: Philip A. Rovner, Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; John J. Kuster, Deborah R. Sands, Sidley Austin LLP, New York, NY for defendants.

    Case Number: D69440

    Aiding and abetting claim failed where third-party merely engaged in arms-length negotiation of purchase, and was not even initially aware of the existence of minority stockholders and simply negotiated protections for itself upon learning of their existence.

  • In re: Appraisal of Regal Ent. Group

    Publication Date: 2021-06-02
    Practice Area: Mergers and Acquisitions
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; David J. Margules, Elizabeth A. Sloan, Ballard Spahr LLP, Wilmington, DE; Thomas E. Redburn, Jr., Maya Ginsburg, Lowenstein Sandler LLP, New York, NY for petitioners.
    for defendant: Robert S. Saunders, Jenness E. Parker, Lauren N. Rosenello, Kaitlin E. Maloney, Justin C. Barrett, Andrew D. Kinsey, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for respondents.

    Case Number: D69419

    In this statutory appraisal proceeding, the court relied on the deal price minus synergies, and then added value connected with changes which occurred between the time of the merger agreement and the closing date.

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  • In re Pattern Energy Group Inc. Stockholders Litig.

    Publication Date: 2021-05-26
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, John Vielandi, Labaton Sucharow LLP, New York, NY; Chad Johnson, Noam Mandel, Desiree Cummings, Robbins Geller Rudman & Dowd LLP, New York, NY; Brian Schall, Rina Restaino, The Schall Law Firm, Los Angeles, CA for plaintiff.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Alan S. Goudiss, K. Mallory Brennan, Deke Shearon Shearman & Sterling LLP; Christina Urhausen, Shearman & Sterling LLP, San Francisco, CA; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Matthew A. Schwartz, Y. Carson Zhou, John-Francis S. Flynn, Sullivan & Cromwell LLP, New York, NY for defendants.

    Case Number: D69408

    Stockholder could seek entire fairness review of company sale under controller theory where investor that had formed the company continued to exercise soft power over the company's management, which allegedly prioritized the investor's interests over shareholder value during the sales process.

  • Maverick Therapeutics, Inc. v. Harpoon Therapeutics, Inc.

    Publication Date: 2021-05-12
    Practice Area: Mergers and Acquisitions
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Rollin B. Chippey II, Benjamin P. Smith, Morgan, Lewis & Bockius LLP, San Francisco, CA; John P. DiTomo, Elizabeth A. Mullin, Aubrey J. Morin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John Ruskusky, Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiffs.
    for defendant: Gregory P. Williams, Steven J. Fineman, Nicole K. Pedi, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Martin S. Schenker, Lilia Lopez, Cooley LLP, San Francisco, CA; Jeffrey Karr, Cooley LLP, Palo Alto, CA for defendant.

    Case Number: D69392

    Purchaser of spin-off entitled to damages for fraudulent misrepresentation by seller who subsequently engaged in competition with spin-off, equal to both the half the value due to the splitting of the market and a further discount to reflect the seller's position as the pioneer of the technology that gave it a competitive advantage.

  • Yeransian v. Markel Corp.

    Publication Date: 2021-03-31
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Insurance | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Laurence V. Cronin, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; James D. Sherrets, Diana J. Bogt, Sherrets Bruno & Vogt, LLC, Omaha, NE for plaintiff.
    for defendant: John M. Seaman, Abrams & Bayliss LLP, Wilmington, DE; Kristine Maher, Thomas Prewitt, Graydon Head & Ritchey LLP, Cincinnati, OH; Russell C. Silberglied, Travis S. Hunter, Richards, Layton & Finger, P.A., Wilmington, DE; Joseph M. Pastore, III, Pastore & Dailey LLC, Stamford, CT for defendants.

    Case Number: D69349

    The court granted a motion to dismiss plaintiff's claims based on res judicata and lack of standing.

  • Valley Joist BD Holdings, LLC v. EBSCO Indus., Inc.

    Publication Date: 2021-03-24
    Practice Area: Mergers and Acquisitions
    Industry: Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: Joseph B. Cicero, Aidan T. Hamilton, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Jeffrey H. Zaiger, Judd Lindenfeld, Zaiger LLC, New York, NY for plaintiff.
    for defendant: John P. DiTomo, Sara Toscano, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, DE for defendant.

    Case Number: D69341

    The parties' agreement unambiguously provided for a shortened limitations period and plaintiff failed to meet the heightened pleading standard for fraud, so the court dismissed plaintiff's breach of contract claim and fraud in the inducement claims.

  • In re Columbia Pipeline Group, Inc. Merger Litig.

    Publication Date: 2021-03-17
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Ned Weinberger, Derrick Farrell, Labaton Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Jeroen van Kwawegen, Christopher J. Orrico and Alla Zayenchik, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Stephen E. Jenkins, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE for plaintiffs.
    for defendant: Martin S. Lessner, James M. Yoch, Jr., Paul J. Loughman, Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian J. Massengill, Matthew C. Sostrin, Linda X. Shi, Mayer Brown LLP, Chi-cago, IL for defendants.

    Case Number: D69329

    Neither collateral estoppel nor the doctrine of stare decisis precluded plaintiffs' claims.