Delaware Court Of Chancery Orders Buyer To Close Acquisition Of Medical Device Company After Finding Reduction In Medicare Reimbursement Rates Was Not A Material Adverse Effect
Shearman & Sterling
JULY 28, 2021
On July 9, 2021, Vice Chancellor Slights of the Delaware Court of Chancery held in a lengthy post-trial opinion that defendant Hill-Rom, Inc. ("Hillrom") was not excused from closing its acquisition of plaintiff Bardy Diagnostics, Inc. ("Bardy"), a medical device company, due to a Material Adverse Effect ("MAE"). Bardy Diagnostics, Inc., et al. v.
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