Cancellation of Auction and Designation of Stalking Horse Bidder as Successful Bidder (Delaware) Notice

This legal template could potentially be used in the context of a business or asset auction that is being canceled or terminated. The document may outline the cancellation of the auction and provide details regarding the selection of a "stalking horse bidder" as the successful bidder according to Delaware law in the United States.

A stalking horse bidder refers to a bidder who submits an initial bid for specific assets or business units in a sale process. This bid sets the minimum price for the assets, enabling other potential bidders to make competitive offers. If no other qualifying bids are received, the stalking horse bidder typically becomes the successful bidder and acquires the assets or business units.

The template might include information about the reasons for canceling the auction, such as changes in business circumstances, legal considerations, or other relevant factors. It would also state the selection and designation of the stalking horse bidder as the successful bidder, affirming their eligibility and compliance with applicable Delaware laws.

Additionally, the document may touch upon the necessary procedures for winding down the auction, returning deposits to unsuccessful bidders, and finalizing the sale agreement with the stalking horse bidder. It could contain details of any hearings, court approvals, or other legal requirements that need to be met in order to legally cancel the auction and designate the stalking horse bidder as the successful bidder.

Overall, this legal template serves to formalize the cancellation of an auction and to declare the stalking horse bidder as the winning party, ensuring compliance with Delaware law and providing clarity to all involved parties.