The Delaware Supreme Court, in The Williams Companies, Inc. v. Energy Transfer Equity, LP, et al., No. 330, 2016, opinion (Del. Mar. 23, 2017), affirmed the Court of Chancery’s ruling that a Limited Partnership did not breach a merger agreement by failing to use best efforts to obtain an opinion of counsel that the transaction would not be taxable.
Tulane Law’s Professor Ann Lipton discusses the decision in Williams v. ETE: My favorite underrated merger case.