Investors Tell SourceHOV To Pay Up On Flawed $2.8B Deal

Law360 (July 24, 2020, 1:50 PM EDT) -- Former investors in SourceHOV asked a New York federal court to make the company hand over cash owed to them after the Delaware Chancery Court found their shares were undervalued in a $2.8 billion merger.

The merger at the center of the litigation is a three-way deal announced in 2017 that saw two private equity-backed companies — SourceHOV LLC and Novitex Holdings Inc. — combine with special purpose acquisition vehicle Quinpario Acquisition Corp. 2 to form Exela Technologies. The tie-up with Quinpario also allowed the enlarged company to trade on the Nasdaq.

The group of former SourceHOV investors claim in the...

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