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FLORIDA CHEMICAL CO. v. FLOTEK INDUSTRIES

C.A. No. 2021-0288-JTL.

262 A.3d 1066 (2021)

FLORIDA CHEMICAL COMPANY, LLC, and Archer-Daniels-Midland Company, Plaintiffs, v. FLOTEK INDUSTRIES, INC., and Flotek Chemistry, LLC, Defendants.

Court of Chancery of Delaware.

Date Decided: August 17, 2021.

Attorney(s) appearing for the Case

Kevin R. Shannon , Christopher N. Kelly , Daniel M. Rusk, IV , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; William C. O'Neil , Joanna R. Travalini , Adam J. Smith , WINSTON & STRAWN LLP, Chicago, Illinois; Counsel for Plaintiffs.

A. Thompson Bayliss , J. Peter Shindel , Adam K. Schulman , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Layne E. Kruse , Joy Soloway , Kelly Potter , NORTON ROSE FULBRIGHT US LLP, Houston, Texas; Counsel for Defendants.

OPINION

Under a stock purchase agreement, a buyer contracted with a parent corporation to acquire a wholly owned subsidiary (the "Company"). In accordance with the stock purchase agreement, the seller caused the Company to enter into a supply agreement with another of the seller's wholly owned subsidiaries. The stock purchase...

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