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Merger Agreements › Break-Up Fee

Herbert Smith Freehills Kramer

Break Fees – A Case for Exceeding the 1% Guideline

Herbert Smith Freehills Kramer on

24 years on, the 1% break fee guideline set by the Takeovers Panel still remains standard practice....more

Jones Day

Stalking Horse Bidder May Be Entitled to Administrative Priority for Expenses Despite Failure to Close Bankruptcy Sale

Jones Day on

In In re Energy Future Holdings Corp., 990 F.3d 728 (3d Cir. 2021), the U.S. Court of Appeals for the Third Circuit ruled that even though a "stalking horse" bidder failed to obtain necessary regulatory approvals to close an...more

Fox Rothschild LLP

Payment To Stalking Horse Permissible When Sale Price Less Than Stalking Horse Bid

Fox Rothschild LLP on

In an issue of first impression, in In re Energy Future Holdings Corp., 2021 U.S. App. LEXIS 7400 (3d Cir. Mar. 15, 2021), the Third Circuit addressed the question whether an initial bidder whose break-up fee was disallowed...more

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