19Dec
Delaware Court of Chancery Issues Precedential Decision Addressing the Impact of COVID-19 on M&A Transaction, Finding Violation of Ordinary Course Covenant but No Material Adverse Effect
In AB Stable VIII LLC v. Maps Hotels and Resorts One LLC, the Delaware Court of Chancery issued a precedential decision addressing whether a buyer could walk away from an M&A transaction because the target company’s responses to the COVID-19 pandemic constituted either a “material adverse effect” (MAE) or a breach of the covenant to operate in the ordinary course of business between signing and closing (“Ordinary Course Covenant”). Although the MAE definition did not include an exception for...
By:
Akin Gump Strauss Hauer & Feld LLP
Related
Most employers know that the Occupational Safety and Health Administration can assess civil penaltie...
Read More >
On January 9, 2020, the Iowa Court of Appeals released two opinions – Dix v. Casey’s General Store...
Read More >
In In Re: Appraisal of Stillwater Mining Company, Consol. C.A. No. 2017-0385-JTL (Del. Ch. Aug 21, 2...
Read More >
Is A&D activity picking up in the upstream oil and gas sector and, if so, is now the right time to f...
Read More >
In this episode, Akin Gump international competition and trade partner Davina Garrod and corporate p...
Read More >
In 2018, the Supreme Court of California turned much of the established law regarding worker classif...
Read More >