Genuine Parts Suit Over Broken Essendant Tie-Up Kept Alive
Law360 (September 10, 2019, 8:25 PM EDT) -- Office supply company Essendant Inc. lost a bid Monday to shut down jilted merger partner Genuine Parts Co.'s Delaware Chancery Court suit seeking millions in damages after Essendant instead opted for a tie-up with Staples Inc.
In a 28-page memorandum opinion, Vice Chancellor Joseph R. Slights III declined to dismiss GPC’s suit after finding the automotive parts and office product distributor made a reasonably conceivable argument that Essendant breached a merger agreement not to solicit another offer.
“Essendant’s contract-based defense is not dispositive at the pleading stage,” Vice Chancellor Slights wrote. “Specifically, the agreement does not clearly and unambiguously provide that...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!