Wicker Smith Attorney Published in the Daily Business Review Discussing COVID’s Impact on Mergers and Acquisitions

MIAMI/ORLANDO – JULY 16, 2020 – Andrew Burnstine, an Orlando associate at civil litigation defense firm, Wicker Smith O’Hara McCoy & Ford P.A., has been recently featured in the Daily Business Review for his expertise on the state of merger and acquisition agreements throughout COVID-19. Many recent acquisition companies have seen their values decline in the pandemic due to its impact on markets across the globe. Courts are likely to see purchasing claims arguing prices be lowered in closed transactions or termination of agreements altogether.

According to the article, concepts such as “material adverse change” and “material adverse effect” may now be constituted in courts referring to merger and acquisition negotiations and pre- and post-closing stages of deals during COVID-19. Proceedings such as Akorn v. Fresenius Kabi AG and Channel Medsystems v. Boston Scientific, which allowed a buyer to walk away from a merger and acquisition agreement, can help set the precedent for future claims. More recently, one of the highest profile examples in the post pandemic atmosphere is of a buyer walking away from a $525 million signed agreement invoked “material adverse effect” provisions.

Please read the full story here: Daily Business Review, COVID-19s Impact on the M&A Market – Measures and Precautions