Snow phipps grp. llc v. kcake acquisition inc
WebJun 2, 2024 · In Snow Phipps Group, LLC v.KCake Acquisition, Inc., 1 the Delaware Court of Chancery ordered Kohlberg & Co., LLC (Kohlberg) to acquire DecoPac Holdings Inc. (DecoPac), a cake decoration supplier, for $550 million. Although some of this opinion affirms prior Delaware case law, the opinion is notable because newly sworn-in Chancellor … WebMay 28, 2024 · On April 30, 2024, then Vice Chancellor (now Chancellor) Kathaleen McCormick of the Delaware Court of Chancery issued a post-trial decision in Snow Phipps …
Snow phipps grp. llc v. kcake acquisition inc
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WebMay 21, 2024 · On March 6, 2024, DecoPac, a portfolio company of private equity firm Snow Phipps, entered into an agreement to be acquired by an affiliate of private equity firm Kohlberg & Company for $550 million. DecoPac is a supplier of cake-decorating products and ingredients to in-store supermarket bakeries. WebSep 25, 2024 · Snow Phipps filed its original suit and its motion to expedite on April 14 (the day regulatory approval for the transaction was obtained and—in Snow Phipps’ view—all closing conditions were satisfied). Snow Phipps requested that the court compel specific performance in advance of May 12, the day the debt commitment was set to expire.
WebMinnesota-based DecoPac, which supplies in-store bakeries, and private equity seller representative Snow Phipps Group LLC agreed to acquisition by the Kohlberg interests in … WebApr 30, 2024 · According to Kohlberg, the $600 million bid assumed DecoPac's 2024 pro forma adjusted EBITDA was $49.8 million, but Kohlberg came to realize that number was …
WebMay 11, 2024 · KCake Acquisition, Inc., 2024 WL 1714202 (Del Ch. April 30, 2024), reaffirms the difficulty of successfully invoking an MAE clause even in the absence of applicable MAE exceptions, it also focuses, in dicta, on the extreme breadth that exceptions to the MAE clause can have to negate the occurrence of a material adverse effect (even if one … WebAug 18, 2024 · Notably, the contract’s $1.85 billion reverse termination fee represented only a fraction of the merger value ($54 billion) and of the damages sought by both sides ($14.7 billion by Cigna, and $21.1 billion by Anthem).
WebMay 10, 2024 · KCAKE Acquisition, Inc. which proved the wisdom in the parties’ decision to renegotiate and ultimately close the deal. The ruling in the Snow Phipps Group case explicitly held that a pandemic does not constitute an MAE unless the target had reduced sales of over fifty percent for an extended period of time. [39]
WebPlaintiff Snow Phipps Group, LLC (“Snow Phipps,” and with DecoPac Holdings Inc., “Plaintiffs”) is a private equity firm focused on investments in middle-market companies. curro schools financial statements 2020WebAug 26, 2024 · 26 August 2024 In Snow Phipps Group, LLC v. KCAKE Acquisition, Inc. (C.A. No. 2024-0282-KSJM), the Delaware Court of Chancery ordered specific performance of a … curro school protea glenWebOct 30, 2024 · Snow Phipps Grp., LLC v. KCake Acquisition, Inc., 2024-0282-KSJM (Del. Ch. Apr. 30, 2024) In Snow Phipps, the Court of Chancery refused to allow a private equity … charterhouse surgery bromleyWebAug 27, 2024 · In Snow Phipps Group, LLC v. KCAKE Acquisition, Inc. (C.A. No. 2024-0282-KSJM), the Delaware Court of Chancery ordered specific performance of a US$550 million … curro school sharesWebMay 27, 2024 · In Snow Phipps v. KCAKE Acquisition, the Delaware Court of Chancery ordered the buyer (Kohlberg) to close on its $550 million agreement to purchase DecoPac, … curro schools cape townWebKCAKE Acquisition, Inc., C.A. No. 2024-0282-KSJM (Del. Ch. April 30, 2024, modified June 2024), the court reviewed a topic of importance in deal litigation and one that has been the subject of many blog posts on these pages: an analysis of when reasonable best efforts or commercially reasonable efforts, which are deemed equivalent standards, have … charterhouse socsWebMay 10, 2024 · On April 30, 2024, the Delaware Chancery Court (the “Court”) issued a decision in Snow Phipps Group, LLC v. KCake Acquisition, Inc., ordering an affiliate of … curro schools fees 2022