• ARC Global Inv., II, LLC v. Digital World Acquisition Corp.

    Publication Date: 2024-10-01
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Matthew D. Perri, Daniel E. Kaprow, Elizabeth J. Freud, Alfred P. Dillione, Rae Ra, Richards, Layton & Finger, P.A., Wilmington, DE for plaintiff.
    for defendant: Kevin M. Coen, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Bradley J. Bondi, D. Scott Carlton, Traci Zeller, Nicholas J. Griepsma, Paul Hastings LLP, Washington, D.C. for defendant.

    Case Number: 2024-0186-LWW

    Court recalculated conversion ratio following business combination where inclusion of issued shares regardless of the circumstances of issuance was consistent with the anti-dilutive purpose of the conversion.

  • Limitless Coffee, LLC v. Mott's, LLP

    Publication Date: 2024-10-01
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff: Jared T. Green, Seitz, Van Ogtrop & Green, P.A.; Christine E. Burke, Karpf, Karpf & Cerutti, P.C., Bensalem, PA for plaintiffs.
    for defendant: Brett M. McCartney, Elizabeth A. Powers, Bayard, P.A.; Sarah T. Andrade, Wilmington, DE; Christoper Patton, Leo Park, Lynn Pinker Hurst & Schwegmann, LLP, Dallas, TX for defendants.

    Case Number: N23C-12-229 EMD CCLD

    Breach of contract and implied covenant of good faith and fair dealing claims failed where parties chose not to incorporate commercially reasonable efforts clause into earnout provision.

  • ECB USA, Inc. v. Savencia, S.A.

    Publication Date: 2024-10-01
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage
    Court: U.S. District Court of Delaware
    Judge: District Judge Williams
    Attorneys: For plaintiff: Thomas G. Macauley, Macauley LLC, Wilmington, DE; Joel S. Magolnick, John E. Kirkpatrick, Marko & Magolnick, P.A., Miami, FL for plaintiffs.
    for defendant: David W. Marston, Jr., Jody C. Barillare, Brian F. Morris, Morgan, Lewis & Bockius LLP, Wilmington, DE; Troy S. Brown, Su Jin Kim, Margot G. Bloom, Morgan, Lewis & Bockius LLP, Philadelphia, PA; Michael J. Ableson, Morgan, Lewis & Bockius LLP, New York, NY for defendants.

    Case Number: 19-cv-00731-GBW

    Tortious interference and conspiracy claims failed where there was insufficient evidence that defendant had an ulterior motive to interfere with plaintiff's business relationship.

  • In re Sculptor Capital Mgmt. Inc. Stockholder Litig.

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Michael C. Wagner, Labaton Keller Sucharow LLP, Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE; Joseph L. Christensen, Meghan D. Dougherty, Christensen & Dougherty LLP, Wilmington, DE; A. Thompson Bayliss, Christopher F. Cannataro, Florentina D. Field, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Edward B. Micheletti, Arthur R. Bookout, Matthew P. Majarian, Peyton V. Carper, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Brock E. Czeschin, Matthew D. Perri, Kevin M. Kidwell, Mari Boyle, Richards, Layton & Finger, P.A., Wilmington, DE; David E. Ross, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.

    Case Number: 2023-0921-SG

    Court calculated legal fee award based on the portion of the transaction price increase that was generated by plaintiff's litigation and the stage of the litigation when the increase was obtained.

  • Shareholder Representative Serv. LLC v. Alexion Pharm., Inc.

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Andrew M. Berdon, Angus Chen, Alexandria Deep Conroy, Courtney C. Whang, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Joseph M. Paunovich, David M. Elihu, James Bieber, Andrew Brayton, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for plaintiff.
    for defendant: David E. Wilks, Scott B. Czerwonka, Wilks Law, LLC, Wilmington, DE; Deborah E. Fishman, Carson D. Anderson, Arnold & Porter Kaye Scholer LLP, Palo Alto, CA; Daniel L. Reisner, Jeffrey A. Fuisz, Angela R. Vicari, Matthew M. Wilk, Arnold & Porter Kaye Scholer LLP, New York, NY; Howard Sklamberg, Jeremy Cobb, Arnold & Porter Kaye Scholer LLP, Washington, DC for defendant.

    Case Number: 2020-1069-MTZ

    Deprioritizing and terminating drug development project fell short of commercially reasonable efforts when other companies progressed with developing competing therapies and caused the failure to meet milestones, in breach of the merger agreement.

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  • Fortis Advisors LLC v. Johnson & Johnson

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Bradley R. Aronstam, Roger S. Stronach, Dylan T. Mockensturm, Ross Aronstam & Moritz LLP, Wilmington, DE; Philippe Z. Selendy, Jennifer M. Selendy, Sean P. Baldwin, Oscar Shine, Selendy Gay PLLC, New York, NY for plaintiff.
    for defendant: William M. Lafferty, Susan W. Waesco, Elizabeth A. Mullin Stoffer, Kirk C. Andersen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Joshua A. Goldberg, Muhammad U. Faridi, Diana M. Conner, Lauren S. Potter, Patterson Belknap Webb & Tyler LLP, New York, NY for defendants.

    Case Number: 2020-0881-LWW

    Evidence demonstrated that acquirer intentionally sabotaged development of seller's new technology to avoid making earnout payments, in violation of the merger agreement's requirement to use commercially reasonable efforts and designate the technology as a company priority.

  • TAKRAF USA, Inc. v. FMC Tech., Inc.

    Publication Date: 2024-09-10
    Practice Area: Mergers and Acquisitions
    Industry: Cargo and Shipping | Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Medinilla
    Attorneys: For plaintiff: Thad J. Bracegirdle, Bayard, P.A., Wilmington, DE; Chad I. Michaelson, Antoinette C. Oliver, Kate E. McCarthy, Meyer, Unkovic & Scott LLP, Pittsburgh, PA for plaintiff.
    for defendant: Samuel T. Hirzel, II, Elena M. Sassaman, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for defendant.

    Case Number: N24C-01-090 VLM CCLD

    Buyer plausibly alleged breach of asset purchase agreement where underlying litigation claimed that seller breached its contractual obligations to design and deliver a product, which in turn breached seller's representation that it was in compliance with its contractual obligations.

  • DDS Striker Holdings, LLC v. Verisk Analytics, Inc.

    Publication Date: 2024-09-10
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Medinilla
    Attorneys: For plaintiff: Jeffrey L. Moyer, Travis S. Hunter, Wilmington, DE for plaintiffs.
    for defendant: Michael A. Barlow, Hayden J. Driscoll, Wilmington, DE for defendants.

    Case Number: N24C-02-130 VLM CCLD

    Sellers plausibly alleged fraud claim by asserting that buyers intentionally misrepresented the synergistic possibility of the parties' products to convince sellers that buyers could reach the proposed earnout targets.

  • Medal v. Beckett Collectibles, LLC

    Publication Date: 2024-09-03
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor Medinilla
    Attorneys: For plaintiff: Peter B. Ladig, Bayard, P.A., Wilmington, DE for plaintiff.
    for defendant: Paul D. Brown, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Aaron Z. Tobin, Abigail R. Campbell, Condon Tobin Sladek Thornton Nerenberg PLLC, Dallas, TX for defendant.

    Case Number: 2023-0984-VLM

    Court denied defendant's motion to dismiss for lack of standing where there was no basis to overturn former company's stakeholders' decision to appoint a representative, where the representative was not a necessary party in his personal capacity due to the termination of his employment with defendant.

  • WT Representative LLC v. Philips Holdings USA Inc.

    Publication Date: 2024-09-03
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: C. Barr Flinn, Paul J. Loughman, Michael A. Carbonara, Jr., Young Conaway Stargatt & Taylor LLP, Wilmington, DE, Eric Leon, Latham & Watkins LLP, New York, NY, Nathan A. Sandals, Latham & Watkins LLP, Boston, MA for plaintiff.
    for defendant: Patricia L. Enerio, Emily A. Letcher, Heyman Enerio Gattuso & Hirzell LLP, Wilmington, DE, Laurence A. Schoen, Breton Leone-Quick, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Boston, MA for defendant.

    Case Number: 2024-0170 PRW

    Plaintiff reasonably interpreted parties' merger agreement as merely requiring FDA approval of the medical device system to secure milestone payment without reference to specific size variations of the product.