MAEjor Ruling: Delaware Court of Chancery Finds Target Suffers Material Adverse Effect and Acquirer Could Back Out of Transaction
Cooley M&A
OCTOBER 29, 2018
Buyers will have to demonstrate a significant decline in business (based on revenue, EBITDA, earnings and other metrics) that has continued or is reasonably likely to continue for a duration of at least a year. The decline must also result from company-specific problems rather than industry-wide conditions.
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