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In a recent case sending shudders through the M&A bar, the United States Court of Appeals for the First Circuit has held that an acquirer of a distressed business owed the seller an implied covenant to make reasonably competent and diligent efforts to develop, market and sell the seller's products following the acquisition despite the absence of any express warranty or covenant in the acquisition agreement obligating the buyer in this regard
As the new year approaches and “fiscal cliff” issues still loom, questions surrounding the future of middle market merger and acquisition activity have arisen
