• In re: Appraisal of Panera Bread Co.

    Publication Date: 2020-02-19
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Elizabeth A. DeFelice and Melissa N. Donimirski, Heyman Ererio Gattuso & Hirzel LLP, Wilmington, DE; Steven M. Hecht, Michael T.G. Long, Jarett N. Sena, Natalie F. Dallavalle, Frank T.M. Catalina, Edoardo Murillo and Jonathan M. Kass, Lowenstein Sandler LLP, New York, NY for peti-tioners.
    for defendant: Paul J. Lockwood, Jennifer C. Voss, Jenness E. Parker, Alyssa S. O’Connell, Kaitlin E. Maloney, Daniel S. Atlas, Bonnie W. David and Andrew D. Kinsey, Skadden Arps Slate Meagher & Flom LLP, Wilming-ton, DE for respondent.

    Case Number: D68882

    In this statutory appraisal action, the court determined that the process by which the company was sold bore multiple indicia of reliability, and the deal price was persuasive evidence of fair value.

  • In re Essendant, Inc. Stockholder Litig.

    Publication Date: 2020-01-15
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Juan E. Monteverde and Miles D. Schreiner, Monteverde & Associates PC, New York, NY; Donald J. Enright and Elizabeth K. Tripodi, Levi & Korsinsky, LLP, Washington, DC for plaintiffs.
    for defendant: Robert S. Saunders, Arthur R. Bookout, and Lilianna Anh P. Townsend, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Gregory P. Williams, Lisa A. Schmidt, Matthew D. Perri, and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; and Matthew Solum, P.C., and Ian Spain, of Kirkland & Ellis LLP, New York, NY for defendants.

    Case Number: D68839

    Stockholders' breach of fiduciary duty claims arising from board's rejection of existing merger agreement in favor of all-cash acquisition offer dismissed where stockholders failed to make prima facie case of board's breach of the duty of loyalty and where acquirer's stake in the company was insufficient to make it a controlling stockholder for the purposes of an aiding and abetting claim.

  • LVI Group Inv., LLC v. NCM Group Holdings, LLC

    Publication Date: 2020-01-15
    Practice Area: Mergers and Acquisitions
    Industry: Construction
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rudolf Koch, Matthew W. Murphy and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Steven C. Flors-heim, Greg Shinall, Daniel A. Shmikler, Michael G. Dickler and Trevor K. Scheetz, Sperling & Slater, P.C. , Chicago, IL for plaintiff.
    for defendant: Richard D. Heins and Philip Trainer, Jr., Ashby & Geddes, Wilmington, DE; Stephen Novack, Donald A. Tarkington, Andrew D. Campbell, Elizabeth C. Wolicki and Yvette V. Mishev, Novack and Macey LLP, Chicago, IL for defendants NCM Group, Ev-ergreen Pacific Partners entities, Brillon, Nibarger and Bernardez. Peter B. Ladig, Bayard P.A., Wilmington, DE for NCM Group as to claims against counter-defendants. John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE; John J. Quinn, Law Office of John J. Quinn; Dylan P. Kletter and Kelsey D. Bond, Brown Rudnick LLP, Hartford, CT for defendant Khara. Thomas A. Uebler and Kerry M. Porter, McCollum D’Emilio Smith Uebler LLC, Wilmington, DE; Jeffrey H. Bergman, Mandell Menkes LLC, Chicago, IL for counter-defendants.

    Case Number: D68841

    The court granted some of the parties' summary judgment motions in this fraud matter, but denied others due to disputed is-sues of fact.

  • Channel Medsystems, Inc. v. Boston Scientific Corp.

    Publication Date: 2020-01-01
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; William M. Lafferty, Thomas W. Briggs, Jr., and Richard Li, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Andrew G. Gordon, Jaren Janghorbani, Paul A. Paterson, and Andrew J. Markquart, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for plaintiff.
    for defendant: Karen L. Pascale, James M. Yoch, Jr., and Paul J. Loughman, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Matthew M. Wolf, Edward Han, Amy DeWitt, Tara Williamson, William Louden, and William Young, Jr., Arnold & Porter Kaye Scholer LLP, Washington, DC, for defendant.

    Case Number: D68822

    Acquiring company breached merger agreement by failing to use commercially reasonable efforts to close where inaccuracies in merger agreement representations did not constitute a materially adverse event for the target company.

  • Winshall v. Viacom Int'l Inc.

    Publication Date: 2019-11-20
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D68781

    The indemnification provision in the parties' merger agreement did not apply to attorney fees in first-party claims, so the court denied plaintiff's request for an award of attorney fees and expenses.

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  • Fortis Advisors LLC v. Allergan W.C. Holding Inc.

    Publication Date: 2019-11-13
    Practice Area: Mergers and Acquisitions
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Bradley R. Aronstam and Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE; Martin S. Schenker, Matthew D. Caplan and Kristine A. Forderer, Cooley LLP, San Francisco, CA; Michael A. Barlow and Daniel J. McBride, Abrams & Bay-liss LLP, Wilmington, DE
    for defendant: David W. Haller of Covington & Burling LLP, New York, NY for defendant.

    Case Number: D68769

    Plaintiff adequately stated a claim for breach of a merger agreement based on defendant's failure to make a milestone pay-ment and to use commercially reasonable efforts to obtain approval for a medical device.

  • ITG Brands, LLC v. Reynolds Am., Inc.

    Publication Date: 2019-10-09
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Stephen C. Norman and Matthew F. Davis, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Brookhiser and Elizabeth B. McCallum, Baker & Hostetler LLP, Washington, DC for plaintiff.
    for defendant: Gregory P. Williams, Rudolf Koch, Robert L. Burns, and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Peter J. Biersteker, C. Kevin Marshall, and William D. Coglianese, Jones Day, Washington, DC for defendant.

    Case Number: D68726

    Cross-motions for judgment on the pleadings denied where both parties advanced reasonable interpretations of their asset purchase agreement concerning the purchasing party's obligation to assume a post-closing judgment for payments under a pre-closing settlement agreement.

  • Collab9, LLC v. En Point Tech. Sales, LLC

    Publication Date: 2019-10-02
    Practice Area: Mergers and Acquisitions
    Industry: Consulting | Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Johnston
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, and Christopher P. Quinn, Friedlander & Gorris, P.A., and Richard D. Robins and Gary Ganchrow, Parker, Milliken, Clark, O’Hara & Samualian, APC for plaintiff.
    for defendant: Karen A. Jacobs, Susan W. Waesco, and Alexandra M. Cumming, Morris, Nichols, Arsht & Tunnell LLP, and Jason R. Scherr, Joseph Bias, and Clara Kollm, Morgan, Lewis & Bockius, LLP, and David M. Stein and Sara Kelly-Kilgore, Greenberg Gross LLP for defendants.

    Case Number: D68719

    Implied covenant and good faith and fair dealing claim and fraud claim dismissed where allegations in support of both claims were duplicative of plaintiff's breach of contract claim.

  • Genuine Parts Co. v. Essendant Inc.

    Publication Date: 2019-09-25
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Kenneth J. Nachbar, William M. Lafferty, and Thomas P. Will, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Richard T. Marooney, Israel Dahan, and Peter Isajiw, King & Spalding LLP, New York, NY; Jeremy M. Bylund, King & Spalding LLP, Washington, DC for plaintiff.
    for defendant: Gregory P. Williams, Lisa A. Schmidt, Matthew D. Perri, and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Matthew Solum and Ian Spain, Kirkland & Ellis LLP, New York, NY for defendant.

    Case Number: D68712

    Counterparty in merger agreement was entitled to pursue a breach of contract claim despite accepting contractual termination fee where counterparty alleged that terminating party had breached the non-solicitation provisions by inviting a superior offer from a competing bidder.

  • Kosinski v. GGP Inc.

    Publication Date: 2019-09-11
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Seth D. Rigrodsky, Brian D. Long and Gina M. Serra, Rigrodsky & Long, P.A, Wilmington, DE; Carl L. Stine and Adam J. Blander, Wolf Popper LLP, New York, NY for plaintiff.
    for defendant: Kevin G. Abrams, John M. Seaman and Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Seth Goodchild and Matthew S. Connors of Weil, Gotshal & Manges LLP for defendant.

    Case Number: D68697

    A stockholder established a proper purpose, so he was entitled to inspect books and records regarding the value of his shares and possible corporate wrongdoing.