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Privileged Communication Mergers

Allen Matkins

The Attorney-Client Privilege In M&A Transactions - A Decade Later

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In 2013, then Chancellor Leo Strine determined that under Section 259 of the Delaware General Corporation Law the attorney-client privilege held by the target company follows to the surviving company after a merger.   Great...more

White & Case LLP

Ahead of the pack: US M&A 2019: Key dealmaking decisions from Delaware and New York

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We focus on two H2 2019 rulings that could affect M&A transactions in the future. Genuine Parts: Acceptance of termination fee does not prevent further remedies - In September 2019, the Delaware Chancery Court refused to...more

McGuireWoods LLP

NY Appellate Division Affirms Seller Retains Privilege for Certain Pre-acquisition Communications

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On Nov. 27, 2019, the New York Appellate Division for the Second Department affirmed New York’s longstanding rule that the attorney-client privilege regarding pre-acquisition or pre-merger communications about the transaction...more

Amundsen Davis LLC

Preserving A Seller’s Attorney-Client Privilege Post-Closing

Amundsen Davis LLC on

As is the case in most merger transactions, both the buyer and seller retain their own counsel. Generally speaking, pre-closing communications between the buyer or seller and their counsel are subject to the attorney-client...more

White & Case LLP

Defying gravity: US M&A H1 2019: Three key M&A decisions from Delaware courts

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The first half of 2019 saw several decisions from the Delaware courts that will affect M&A dealmaking - Aruba: Supreme Court awards "deal price less synergies" in closely watched appraisal case - Rejecting the Chancery...more

McGuireWoods LLP

Delaware Court Issues Important Decision About Privileged Communications' Ownership in Corporate Transactions

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Ever since the Delaware Chancery Court opinion in Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLLP, 80 A.3d 155 (Del. Ch. 2013), wise lawyers representing sellers and buyers of corporations' stock or assets...more

Morris James LLP

Merger Agreement’s Preservation of Privilege for Pre-Merger Communications Found to be Adequate, Notwithstanding that the...

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Shareholder Representative Services LLC v. RSI Holdco, LLC, C.A. No. 2018-0517-KSJM (Del. Ch. May 29, 2019). This decision confirms that, in a post-merger dispute between an acquirer and the selling stockholders, broad...more

Baker Donelson

Application of Attorney-Client Privilege in Post-Merger Dispute Between Buyer and Seller Representative

Baker Donelson on

When there is a post-merger dispute between the representative of the selling stockholders and the buyer, the buyer might have access to privileged pre-merger attorney-client communications between the acquired company and...more

White and Williams LLP

Delaware Chancery Court Addresses the Seller’s Preservation of Privilege Post-Closing

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Preserving privilege with respect to pre-closing communications between a selling corporation’s counsel and its management is an important negotiation point in many transactions, so that the seller can prevent the buyer from...more

Akin Gump Strauss Hauer & Feld LLP

Preserving Privilege Post-Merger

The Delaware Court of Chancery recently upheld a provision in a merger agreement that prevented the buyer from using privileged emails between the seller and its attorneys in post-closing litigation. The decision, in...more

Sheppard Mullin Richter & Hampton LLP

Delaware Chancery Court Provides Useful Guidance for Protecting Pre-Merger Privileges in Post-Closing Litigation Between Buyers...

In Shareholder Representative Services LLC v. RSI Holdco, LLC, No. 2018-0517-KSJM, 2019 WL 2290916 (Del. Ch. May 29, 2019), the Delaware Court of Chancery reaffirmed that a target company may protect its pre-merger privileged...more

Wilson Sonsini Goodrich & Rosati

Delaware Court Addresses Treatment of Sellers' Attorney-Client Privilege in Merger

Last week, Vice Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery issued a decision, Shareholder Representative Services LLC v. RSI Holdco, LLC, addressing when a selling company's attorney-client privilege...more

Locke Lord LLP

Delaware Court of Chancery Provides Reminder of Importance of Privilege Carve-Out Provision in Merger Agreement

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On May 29, 2019 in Shareholder Representative Services, LLC v. RSI Holdco, LLC, the Delaware Court of Chancery, by giving effect to a merger agreement provision, reemphasized the guidance it gave in Great Hill Equity Partners...more

A&O Shearman

Delaware Court Of Chancery Holds Merger Agreement Preserved Sellers' Ability To Assert Privilege Over Pre-Merger Attorney-Client...

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On May 29, 2019, Vice Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery ruled that plaintiff Shareholder Representative Services LLC (“Shareholder Representative”) as the designated representative of Radixx...more

A&O Shearman

M&A Watch: Keep Your Hands Off My Privilege! Delaware Revisits Privileged Communications In Private M&A Transactions

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In Shareholder Representative Services LLC v. RSI Holdco, LLC, C.A. No. 2018-0517-KSJM (Del. Ch. May 29, 2019), the Delaware Court of Chancery applied guidance from its earlier ruling in Great Hill Equity Partners IV, LP v....more

Skadden, Arps, Slate, Meagher & Flom LLP

Court of Chancery Addresses the Effect of Corwin and Garner in the Section 220 Context

Since its issuance in 2015, the Delaware Supreme Court’s decision in Corwin v. KKR Financial Holdings LLC has been routinely applied, in appropriate circumstances, to dismiss post-closing deal litigation. However, Corwin’s...more

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