Delaware Supreme Court Affirms Akorn MAE Clause Decision in 3-Paragraph Order: Court Finds that “Factual Record Adequately Supports” the Existence of an MAE Based on the Trial Court’s “Application of Precedent”

Sullivan & Cromwell LLP - December 7, 2018
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In our October 4, 2018 memorandum, we discussed the first Delaware post-trial opinion finding a Material Adverse Effect (“MAE”) on a merger target’s business.  Earlier today, the Delaware Supreme Court affirmed Vice Chancellor Laster’s 246-page post-trial opinion from this October in Akorn, Inc. v. Fresenius Kabi AG et al., C.A. No. 2018-0300-JTL (Del. 2018) (Order).