August 11, 2021

M&A Watch: Back to the Future: Delaware Court Again Rejects Buyer’s Claim of an MAE

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M&A WATCH: Back to the Future: Delaware Court Again Rejects Buyer’s Claim of an MAE

On July 9, 2021, Vice Chancellor Slights of the Delaware Court of Chancery, in Bardy Diagnostics, Inc. v Hill-Rom, Inc. (Del. Ch. July 9, 2021), ordered specific performance to compel Hill-Rom, Inc. (“Hillrom”), a publicly held, global medical technology company, to close the acquisition of Bardy Diagnostics, Inc. (Bardy”), a medical device startup, upon finding that Hillrom failed to prove that a significant decrease in the Medicare reimbursement rate for Bardy’s sole product offering constituted a Material Adverse Effect (“MAE”), as defined in the merger agreement.

Read the full memo, “Back to the Future: Delaware Court Again Rejects Buyer’s Claim of an MAE.”

Authors and Contributors

George Casey

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Scott Petepiece

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Alan S. Goudiss

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Daniel Litowitz

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Lara Aryani

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K. Mallory Brennan

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Derrick Lott

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Roger Morscheiser

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