Realogy Loses Bid To Force $400M SIRVA Deal To Close
By Rose Krebs (July 17, 2020, 9:58 PM EDT) -- A Delaware vice chancellor on Friday rejected Realogy Holdings Inc.'s bid to enforce a $400 million sale of its Cartus affiliate to SIRVA Worldwide Inc., agreeing with SIRVA that certain contractual conditions bar Realogy's attempt to force closure of the sale.
During a hearing held virtually, Vice Chancellor Morgan T. Zurn, in a brief bench ruling, said it was Realogy that caused certain contractual conditions of the sale to fail. Thus, the global real estate services company was not entitled to have the court force SIRVA to close the deal under "specific performance" provisions of the agreement.
Vice Chancellor Zurn also...
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