(United States Third Circuit) - Held that a company that entered into an unconsummated merger agreement was not entitled to payment of a $275 million termination fee. The proposed merger had been approved by a bankruptcy court because one of the parties was in Chapter 11 bankruptcy. The Third Circuit held that the bankruptcy court did not err in narrowing the circumstances under which the termination fee would be triggered, resulting ultimately in no fee being paid.
Source: findlaw.com