The Delaware Court of Chancery, in Charles F. Dolan, et al. v. Altice USA, Inc., et al. and Cablevision Systems Corp., et al., C.A. No. 2018-0651-JRS, memo. op. (Del. Ch. June 27, 2019), found a Merger Agreement ambiguous where non-parties established the elements of third-party beneficiary status under a provision included for their benefit, but another provision expressly disclaimed the existence of third-party beneficiaries.
McDermott Will & Emery discusses the decision in Delaware Opens the Door to Third-party Beneficiaries.