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May 07, 2021

M&A Watch: Just Deserts…Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition

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M&A WATCH: JUST DESERTS…DELAWARE COURT OF CHANCERY ORDERS CLOSING OF CAKE SUPPLIER ACQUISITION

On April 30, 2021, then-Vice Chancellor Kathaleen McCormick of the Delaware Court of Chancery struck a “victory for deal certainty” in Snow Phipps Group, LLC v. KCake Acquisition, Inc. (Del. Ch. April 30, 2021), in ordering specific performance to compel the investment funds of Kohlberg & Company, LLC (the “buyers”) to close the $550 million acquisition of DecoPac Holdings Inc. (“DecoPac”), a supplier and marketer of cake decorating products, upon finding that the buyers breached their obligation to use reasonable best efforts in connection with the debt financing for the acquisition.

Read the full memo, “Just Deserts…Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition.”

Authors and Contributors

George Casey

Partner

Mergers & Acquisitions

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+1 212 848 8787

New York

Scott Petepiece

Partner

Mergers & Acquisitions

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+1 212 848 8576

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Alan S. Goudiss

Partner

Litigation

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+1 212 848 4906

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Lona Nallengara

Partner

Capital Markets

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+1 212 848 8414

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K. Mallory Brennan

Partner

Litigation

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+1 713 354 4847

+1 212 848 7657

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Houston

Derrick Lott

Partner

Mergers & Acquisitions

+1 212 848 7421

+1 212 848 7421

New York

Roger Morscheiser

Partner

Mergers & Acquisitions

+1 212 848 7422

+1 212 848 7422

New York

Cody L. Wright

Partner

Mergers & Acquisitions

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+1 212 848 4152

New York