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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.
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