Deal Certainty In Uncertain Times -- 2007 Lessons From The Delaware Court of Chancery, By Rolin P. Bissell

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In 2007, the merger market had distinct bull and bear phases, with each phase presenting challenges to public companies attempting to consumate mergers. In the first half of 2007, when credit and hungry acquirers were abundant, target companies and their acquirers sought to come to friendly terms quickly and then lock up their deals to them from challenge by follow-on bidders. Then, when the

credit crunch hit and financing dried up, many acquirers began looking for ways to walk away from deals that suddenly seemed pricey. Together, the two phases produced a bumper crop of guidance from the Delaware Court of Chancery on how to structure merger negotiations and agreements to increase the likelihood that a merger will get done.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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