Dyal’s $12 Billion SPAC Merger With Owl Rock Clears Hurdle (2)

Golub Capital was denied a court order it sought to temporarily bar its part-owner Dyal Capital Partners from merging with a rival in the direct-lending business, a deal that has spurred a legal backlash against Dyal.

New York State Supreme Court Justice Joel Cohen made the ruling from the bench on Friday, saying Golub was unlikely to succeed on the merits of its case. He called Golub’s contention that Dyal had given up its right to make such deals when it bought a stake in Golub in 2018 “wildly implausible.”

Dyal and Owl Rock Capital Partners announced in December that ...