Novogratz’s Spurned Takeover Target Seeks Termination Fee (1)

Crypto custody firm BitGo said the termination of its acquisition by Mike Novogratz’s Galaxy Digital Holdings is “improper” and it plans to seek a $100 million termination fee.

Earlier, Galaxy said it’s ending its acquisition of BitGo in a $1.2 billion deal, citing the firm’s failure to deliver audited 2021 financial statements by July 31 to comply with requirements of the deal. No termination fee is payable, according to the Galaxy statementMonday.

BitGo has honored its obligations thus far, including the delivery of its audited financials, said R. Brian Timmons, a partner with Quinn Emanuel, a law firm representing ...