Summary judgment dismissing the complaint was properly granted in the first instance since defendant was relieved of the obligation to pay a $300,000 break-up fee in the event the merger was terminated by North East Insurance Company because of its unwillingness to extend the scheduled expiration date of the agreement and plan of merger. As the IAS Court found and both sides agree, the merger was so terminated. In a March 11, 1994 decision denying reargument, the court properly...
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