M&A Watch: Just Deserts…Delaware Court Of Chancery Orders Closing Of Cake Supplier Acquisition - Corporate/Commercial Law

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On April 30, 2021, then-Vice Chancellor Kathaleen McCormick of
the Delaware Court of Chancery struck a "victory for deal
certainty" in
Snow Phipps Group, LLC v. KCake Acquisition,
Inc. (Del. Ch. April 30, 2021), in ordering specific
performance to compel the investment funds of Kohlberg &
Company, LLC (the "buyers") to close the $550 million
acquisition of DecoPac Holdings Inc. ("DecoPac"), a
supplier and marketer of cake decorating products, upon finding
that the buyers breached their obligation to use reasonable best
efforts in connection with the debt financing for the

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