A blank-check company backed by prominent sports executives, including NBA legend Michael Jordan’s former agent, is suing to block French mobile payments company Digital Virgo Group from walking away from their merger.
The lawsuit in Delaware’s Chancery Court seeks a preliminary injunction requiring Digital Virgo to keep the deal on track pending arbitration of its bid to call off the transaction. The business combination was valued at $513 million when it was announced in November 2022, Bloomberg reported at the time.
The case is part of a steady stream of disputes prompted by blank-check mergers, which give private businesses ...
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