Deals
Dan Loeb Wants to Scrap Global Blue Deal as Virus Hits Luxury Travel
- Loeb’s Far Point urges investors to vote against January deal
- Silver Lake-owned Global Blue still aims to close the merger
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Activist investor Dan Loeb is attempting to scrap a $2.5 billion deal that bet on luxury shoppers’ tax refunds, saying Global Blue SA’s viability is in question as the coronavirus pandemic decimates international travel.
Loeb’s Far Point Acquisition Corp. said Thursday that its January deal to merge with Global Blue is now no longer in shareholders’ interests, and urged investors to vote against the transaction. Global Blue, which is owned by private equity firm Silver Lake, responded that Far Point’s investors would be better off letting the transaction go ahead.