Chancery Orders Closing On $550M Cake Supply Co. Sale

Law360 (April 30, 2021, 6:56 PM EDT) -- Describing the outcome as "a victory for deal certainty," Delaware's soon-to-be chancellor ordered a balking buyer on Friday to close on a $550 million deal for the world's largest professional cake decoration supplier, rejecting claims that a business slump as the pandemic opened had crumbled the agreement.

Vice Chancellor Kathaleen S. McCormick, who will move up the court bench next week, found that affiliates of Kohlberg & Co. "lost their appetite" for acquiring DecoPac Holdings Inc. as COVID-19 restrictions initially soured business forecasts. The buyer was nevertheless found after trial to have fallen short of using reasonable best efforts to get...

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