Pa. Appeals Court Axes $18M Quarry Buyout Offer

Law360, Philadelphia (June 10, 2013, 2:38 PM EDT) -- The Pennsylvania Superior Court axed an $18 million real estate transaction involving a Wayne County quarry on Friday after finding that rights of first refusal granted to a property’s lessees could not be extinguished by bundling multiple assets together as part of a prospective sales agreement.

In a published opinion, a three-judge panel found that E.R. Linde Construction Corp. could exercise its contractual right of refusal to buy Middlecreek Quarry even though the property’s owner received an offer that would have allowed him to sell not...
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