The Emperor Has No (Obligation to) Close: When Seemingly Innocuous Closing Conditions Add to the Deal Risks They Are Intended to Protect Against
SAM GOODMAN—In a highly anticipated decision on a contested merger agreement, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s ruling that acquiror Energy Transfer Equity L.P. (“ETE”) did not breach its agreement to merge with the Williams Companies, Inc. (“Williams”) when ETE terminated the merger agreement because its counsel was unwilling to deliver […]