What constitutes a material adverse effect will play an important role in Twitter’s lawsuit against Elon Musk. Here are three previous corporate court cases that could influence the legal battle.
reached an agreement to acquire meatpacker IBP Inc. for $3.2 billion. By the end of March, both companies reported lower earnings and Tyson said it would cancel the deal due to IBP’s alleged fraud. IBP had not informed Tyson of accounting irregularities and
Tyson was aware of IBP’s internal issues before signing the agreement, the court said, pointing out that Tyson knew that IBP’s business was cyclical and that accounting problems had been discovered at DFG. Tyson’s main reason for revisiting the deal came down to “buyer’s regret,” then-Chancery Court Vice Chancellor Leo Strine Jr. wrote. “Tyson wished it had paid less, especially in view of its own compromised 2001 performance and IBP’s slow 2001 results,” wrote Mr.
The court ordered Hexion to meet all of its obligations short of actually closing the deal, such as securing financing and seeking antitrust clearance from regulators. Huntsman announced in December 2008 that the deal had been terminated and that it would receive roughly $1 billion. Huntsman subsequently sued the banks that had agreed to finance the Hexion deal, saying they conspired to interfere with a separate merger. That lawsuit settled for roughly $1.8 billion.
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