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RedBird Capital Partners Platform LP v. Concorde Parent, LP
Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Construction | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys:
For plaintiff: Martin S. Lessner, Tammy L. Mercer, Lauren Dunkle Fortunato, Andrew J. Cazerkawski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Johnathan D. Schiller, Thomas H. Sosnowski, Boies Schiller Flexner LLP, New York, NY for plaintiffs.
For defendant: Michael A. Barlow, Hayden J. Driscoll, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Michael B. Carlinsky, Charles H. Sangree, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Christopher D. Porter, Quinn Emanuel Urquhart & Sullivan, LLP, Houston, TX for defendants.
Case number: 2024-0274-SG

Court declined to enjoin contractual alternative dispute resolution process where parties agreed to submit validity of post-closing cap-ex budget to independent consultant for expert review, where consultant was empowered to conduct independent analysis of company's financial records.

Matrix Parent, Inc. v. Audax Mgmt. Co., LLC
Publication Date: 2024-07-09
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Software | Technology Media and Telecom
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys:
For plaintiff: Elena C. Norman, Daniel M. Kirshenbaum, Michael A. Laukaitis, II, Young, Conaway, Stargatt, and Taylor LLP, Wilmington, DE; Michael S. Shuster, Vincent Levy, Holwell Shuster & Goldberg LLP, New York, NY for plaintiffs.
For defendant: Kevin R. Shannon, Potter Anderson & Corroon LLP, Wilmington, DE; Kevin B. Huff, Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., Washington, DC; Michael Kendall, White & Case LLP, Boston, MA for defendants.
Case number: N23C-10-212 MAA CCLD

Court declined to dismiss fraud claims in connection with stock purchase agreement where buyer adequately pled that defendant controllers were in a position to know of the fraudulent nature of seller's financials and where the company's alleged unlawful bookkeeping practices violated representations and warranties in the SPA.

CURO Intermediate Holdings Corp. v. Sparrow Purchaser, LLC
Publication Date: 2024-06-18
Practice Area: Mergers and Acquisitions
Industry: Financial Services and Banking | Accounting
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys:
For plaintiff: Thomas P. Will, Rachel R. Tunney, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Richard T. Marooney, Emma S. Nguyen, King & Spalding LLP, New York, NY; Jeffrey S. Rosenberg, King & Spalding LLP, Washington, DC for plaintiff.
For defendant: Nicholas J. Rohrer, Lakshmi A. Muthu, Alex B. Haims, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Christina Golden Ademola, Morrison & Foerster LLP, New York, NY; Robert W. May, Michael Komorowski, Morrison & Foerster LLP, San Francisco, CA for defendants.
Case number: 2023-0371-NAC

Court found no need for judicial interpretation where parties' dispute over working capital calculation merely involved a GAAP issue, and thus the dispute was properly resolved by an independent accountant under the parties' contractual dispute resolution provision.

Firefighters Pension Sys. of the City of Kansas City, Missouri Trust v. Found. Bldg. Materials, Inc.
Publication Date: 2024-06-18
Practice Area: Mergers and Acquisitions
Industry: Construction | Distribution and Wholesale
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Michael Hanrahan, Samuel L. Closic, Jason W. Rigby, Seth T. Ford, Prickett, Jones & Elliott, Wilmington, DE; Lee D. Rudy, J. Daniel Albert, Kevin M. Kennedy, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
For defendant: Daniel A. Mason, Elizabeth Wang, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew G. Gordon, Alexia D. Korberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Raymond J. DiCamillo, Matthew D. Perri, Kevin M. Kidwell, Richards, Layton & Finger P.A., Wilmington, DE; Bradley R. Aronstam, S. Michael Sirkin, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Matthew S. Connors, Tania C. Matsuoka, Weil, Gotshal & Manges LLP, New York, NY; A. Thompson Bayliss, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Barry G. Sher, Kevin P. Broughel, Paul Hastings LLP, New York, NY; William B. Chandler III, Brad D. Sorrels, Leah E. León, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Elena C. Norman, James M. Yoch, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian M. Lutz, George B. Adams III, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine, CA for defendants.
Case number: 2022-0466-JTL

Court declined to dismiss non-exculpated fiduciary claims where defendants had a clear conflict of interest between continuing to operate the company or sell it and receive a valuable termination payment.

In re: Samson Res. Corp.
Publication Date: 2024-06-03
Practice Area: Bankruptcy
Industry: Energy | Investments and Investment Advisory
Court: U.S. District Court of Delaware
Judge: District Judge Hall
Attorneys:
For plaintiff: J. Christopher Shore, Colin T. West, White & Case LLP, New York, NY; Michael J. Farnan, Farnan LLP, Wilmington, DE for appellant.
For defendant: Daniel M. Stern, Samuel M. Kidder, KTBS Law LLP, Los Angeles, CA; Andrew J. Gallo, Nathaniel P. Bruhn, Morgan, Lewis & Bockius LLP, Boston, MA; Bryan Killian, Morgan, Lewis & Bockius LLP, Washington, DC; Michael R. Nestor, Michael S. Neiburg, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for appellees.
Case number: 15-11934 (BLS)

Court denied certification of direct appeal of bankruptcy order to the Third Circuit where the order did not announce a per se rule or conflict with settled precedent.

In re Columbia Pipeline Group, Inc. Merger Litig.
Publication Date: 2024-06-03
Practice Area: Mergers and Acquisitions
Industry: Energy | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Ned Weinberger, Brendan W. Sullivan, Labaton Keller Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Stephen E. Jenkins, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE; Jeroen van Kwawegen, Lauren A. Ormsbee, Thomas G. James, Margaret Sanborn-Lowing, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
For defendant: Martin S. Lessner, James M. Yoch, Jr., Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian J. Massengill, Michael Olsen, Matthew C. Sostrin, Linda X. Shi, Mayer Brown LLP, Chicago, IL for defendant.
Case number: 2018-0484-JTL

Court held buyer equally liable for seller's officers' breaches of fiduciary duties where buyer's culpability arose from its breaches of its contractual obligations under a standstill agreement with the seller.

BuzzFeed Media Enter., Inc. v. Anderson
Publication Date: 2024-05-27
Practice Area: Labor Law
Industry: E-Commerce | Entertainment and Leisure | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Rolin P. Bissell, Elena C. Norman, Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Mary Eaton, Thomas Walsh, Christian Vandergeest, Freshfields Bruckhaus Deringer US LLP, New York, NY for plaintiff.
For defendant: David A. Felice, Bailey & Glasser LLP, Wilmington, DE; Kevin D. Galbraith, The Galbraith Law Firm, New York, NY; Sean R. O’Brien, A.J. Monaco, O’Brien LLP, New York, NY; Joseph Gallagher, Harris St. Laurent & Wechsler LLP, New York, NY for defendants.
Case number: 2023-0377-MTZ

Employment agreements' statement of parties' agreement to arbitrate claims generally and reference to AAA created presumption of parties' intention to delegate questions of substantive arbitrability to the arbitrator.

bioMrieux, Inc. v. Rhodes
Publication Date: 2024-05-20
Practice Area: Mergers and Acquisitions
Industry: Biotechnology
Court: Delaware Superior Court
Judge: Judge Rennie
Attorneys:
For plaintiff: James M. Yoch, Jr., Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian Massengill, Matthew C. Sostrin, Mayer Brown LLP, Chicago, IL for plaintiffs.
For defendant: Rudolf Koch, Travis S. Hunter, Puja A. Upadhyay, Jessica E. Blau, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
Case number: N23C-10-067

Plaintiffs could not exercise attorney-client privilege over sell-side emails where the merger agreement expressly contemplated that privilege would remain with the sellers, including defendants.

Handler v. Centerview Partners Holdings L.P.
Publication Date: 2024-05-06
Practice Area: Corporate Entities
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys:
For plaintiff: C. Barr Flinn, Elisabeth S. Bradley, Kevin P. Rickert, Zeliang Liu, Hana Brajuskovic, Elena C. Norman, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for plaintiff.
For defendant: Michael A. Barlow, Hayden Driscoll, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE for defendant.
Case number: 2022-0672-SG

Plaintiff was not entitled to books and records where record supported finding that parties had failed to reach agreement on essential terms to induct plaintiff as a partner and continued to regard him as an employee.

AP-fonden v. Activision Blizzard, Inc.
Publication Date: 2024-04-01
Practice Area: Mergers and Acquisitions
Industry: Technology Media and Telecom
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys:
For plaintiff: Michael Hanrahan, Corinne Elise Amato, Kevin H. Davenport, Stacey A. Greenspan, Christine N. Chappelear, Prickett, Jones & Elliott, P.A., Wilmington, DE; Lee D. Rudy, Eric L. Zagar, J. Daniel Albert, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
For defendant: Edward B. Micheletti, Lauren N. Rosenello, Michelle L. Davis, Peyton V. Carper, Claire K. Atwood, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Elena C. Norman, Daniel M. Kirshenbaum, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Stephen P. Blake, Laura Lin, Simpson Thacher & Bartlett LLP, Palo Alto, CA; Sareen K. Armani, Simpson Thacher & Bartlett LLP, Los Angeles, CA for defendants.
Case number: 2022-1001-KSJM

Although the Delaware General Corporation Law only required a corporate board to approve and recommend an essentially complete version of a merger agreement, the draft version approved by defendants failed to meet this standard by omitting key terms and ancillary documents repeatedly referenced throughout the agreement.

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