Chancery Nixes Dyal Capital-Owl Rock Tie-Up Injunction

Law360 (April 20, 2021, 5:04 PM EDT) -- Sixth Street Partners Management Co. lost a battle Tuesday to block Dyal Capital Management's $12.5 billion merger with Owl Rock Capital, after a Delaware vice chancellor branded its preliminary injunction motion as an unsupportable bid to force an undervalued Dyal sell-back of its stake in Sixth Street.

Vice Chancellor Morgan T. Zurn, ruling after a hearing on March 24, found that Sixth Street's suit and a similar, unsuccessful action by Golub Capital in New York "were part and parcel of a calculated effort to 'muck up'" the Owl Rock transaction and create pressure for the buyout.

Dyal, a multifaceted holding of...

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