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Foley Partners Gardner Davis and John Wolfel co-authored an article for Westlaw titled, “Court allows buyer to walk away from deal based on material adverse effect.” The article discusses a recent ruling by the Delaware Court of Chancery which ruled a buyer could walk away from a merger agreement because the target suffered from a material adverse effect. The decision is thought to be the first time a Delaware court has allowed a buyer to cancel a deal for this reason.
The full article is available via the link below.
