Publication Date: 2020-09-23
Practice Area: Mergers and Acquisitions
Industry: Insurance
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, D. McKinley Measley, Zi-Xiang Shen, Thomas P. Will, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Glenn M. Kurtz, Claudine Columbres, Andrew W. Hammond, Gregory Starner, Camille M. Shepherd, Vatsala Sahay, White & Case LLP, New York, NY; Heather M. Burke, White & Case LLP, Palo Alto, CA; Dana E. Foster, White & Case LLP, Washington, DC for plaintiff.
for defendant: David E. Ross, Garrett B. Moritz, S. Michael Sirkin, Adam D. Gold, Benjamin Z. Grossberg, Anne M. Steadman, Ross Aronstam & Moritz LLP, Wilmington, DE; Stephen R. DiPrima, William Savitt, Graham W. Meli, Adam M. Gogolak, Lauren M. Kofke, S. Christopher Szczerban, Steven P. Winter, Claire E. Addis, Bita Assad, Daniel H. Rosenblum, Jacob Miller, Jeohn Salone Favors, Wachtell, Lipton, Rozen & Katz, New York, NY for defendant.
Case Number: D69128
Although merger partner failed to use best efforts to consummate the transaction, in breach of the agreement covenants, the counterpart to the merger was not entitled to expectation damages when government regulators would have ultimately blocked the merger on antitrust grounds.