News & Analysis as of

Selling a Business Merger Agreements

Jones Day

Earnouts in M&A Transactions: Recent Decisions From Delaware

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In 2024, Delaware courts issued multiple instructive decisions on earnout provisions in life sciences M&A transactions. ...more

McDermott Will & Emery

Key Considerations for Alcohol Suppliers in M&A Transactions

As one of the most heavily regulated sectors in the United States, almost no aspect of the alcohol industry is untouched by regulatory considerations, including mergers and acquisitions (M&A). Whether it is a venture...more

Orrick, Herrington & Sutcliffe LLP

What's Important to Get Right in the Term Sheet?

Join Justin Yi and Mark Seneca to learn about the essential elements: Defining the deal structure and purchase price Setting indemnification terms Managing exclusivity periods to maximize your leverage...more

Mayer Brown

A Delaware Law Alert: M&A Disputes

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Two recent Delaware Superior Court opinions are essential reading for M&A practitioners drafting language with respect to how disputes related to purchase price adjustments, earnouts, and other accounting-related...more

Goulston & Storrs PC

Key Takeaways: 2023 ABA Private Target Mergers & Acquisitions Deal Points Study

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The Private Target Mergers & Acquisitions Deal Points Study (“the Study”) is published on a bi-annual basis by the Market Trends Subcommittee of the ABA Business Law Section’s M&A Committee, which I am happy to serve on. The...more

Troutman Pepper Locke

So… Can I Sell in 2023?

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You've put in your time, raised capital appropriately, surrounded yourself with a top-notch team, built a great product, and demonstrated the right metrics — so, is now a good time to ride into the sunset? Well, in 2023,...more

Goulston & Storrs PC

Target Counsel Legal Opinions (UPDATED)

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Market Trends: What You Need to Know - One of the most pronounced practice-related trends in private company merger and acquisition transactions is the near-disappearance of target legal opinions as a closing deliverable. ...more

Goulston & Storrs PC

The 'Materiality Scrape'

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Market Trends: What You Need to Know - Over the past 15+ years covered by the ABA studies, materiality scrapes have morphed from being a somewhat uncommon provision, seen in about 14% of transactions in 2005, to...more

Williams Mullen

[Webinar] M&A Webinar Series: Unique Deal Issues - February 11th, 11:00 am ET

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Join Partners Anne Domozick and Forbes Thompson to gain insights on the lessons learned when negotiating deals in special situations, and the solutions you can invoke should you find yourself in the same boat. Anne and Forbes...more

Amundsen Davis LLC

Preserving A Seller’s Attorney-Client Privilege Post-Closing

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As is the case in most merger transactions, both the buyer and seller retain their own counsel. Generally speaking, pre-closing communications between the buyer or seller and their counsel are subject to the attorney-client...more

McGuireWoods LLP

Delaware Court Issues Important Decision About Privileged Communications' Ownership in Corporate Transactions

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Ever since the Delaware Chancery Court opinion in Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLLP, 80 A.3d 155 (Del. Ch. 2013), wise lawyers representing sellers and buyers of corporations' stock or assets...more

Akin Gump Strauss Hauer & Feld LLP

Preserving Privilege Post-Merger

The Delaware Court of Chancery recently upheld a provision in a merger agreement that prevented the buyer from using privileged emails between the seller and its attorneys in post-closing litigation. The decision, in...more

Sheppard Mullin Richter & Hampton LLP

Delaware Chancery Court Provides Useful Guidance for Protecting Pre-Merger Privileges in Post-Closing Litigation Between Buyers...

In Shareholder Representative Services LLC v. RSI Holdco, LLC, No. 2018-0517-KSJM, 2019 WL 2290916 (Del. Ch. May 29, 2019), the Delaware Court of Chancery reaffirmed that a target company may protect its pre-merger privileged...more

Wilson Sonsini Goodrich & Rosati

Delaware Court Addresses Treatment of Sellers' Attorney-Client Privilege in Merger

Last week, Vice Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery issued a decision, Shareholder Representative Services LLC v. RSI Holdco, LLC, addressing when a selling company's attorney-client privilege...more

A&O Shearman

Delaware Court Of Chancery Holds Merger Agreement Preserved Sellers' Ability To Assert Privilege Over Pre-Merger Attorney-Client...

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On May 29, 2019, Vice Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery ruled that plaintiff Shareholder Representative Services LLC (“Shareholder Representative”) as the designated representative of Radixx...more

Stinson - Corporate & Securities Law Blog

Court Finds Merger Agreement Preserves Sellers’ Privilege Claims

In Shareholder Representative Services LLC v. RSI Holdco, LLC et al, the Delaware Court of Chancery considered when a buyer can use the acquired company’s privileged pre-merger attorney-client communications in post-closing...more

Akin Gump Strauss Hauer & Feld LLP

Buyer’s Recourse: Delaware Court Validates Merger Termination Under Rarely Enforced Escape Clause

• In a rare move, the Delaware Court of Chancery affirmed a buyer’s contractual right to terminate a $4.75 billion merger based on a sudden and sustained decline in the seller’s business. • The decision provides guidance to...more

Stinson - Corporate & Securities Law Blog

Another Working Capital Claim Fails in Delaware Because of Liability Limitations

In Chicago Bridge & Iron Co. N.V. v. Westinghouse Electric Co. LLC, the Delaware Court of Chancery declined to permit the purchaser of a business to recover a working capital shortfall as a result of a purchase price...more

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