Travel organization Sunweb is not forced to take over Corendon. The court in Amsterdam has just decided that.
Sunweb withdrew at the last minute from the proposed acquisition of Corendon at the end of last year. The intention was that the travel operator would take over all shares of Corendon for an amount of 146 million euros. Sunweb came back to the purchase, because according to the company, Corendon had not met all the requirements. For example, the requirement to have two written confirmations from the Human Environment and Transport Inspectorate (ILT) about the consequences of the acquisition for Corendon’s airline would not have been met.
Corendon contested that and instituted summary proceedings. The court in Amsterdam also ruled that Corendon had met all the conditions, but found that a forced takeover may have had too serious consequences due to the corona crisis.
Corendon appealed, but once again gets the lid on the nose. According to the court of appeal, Sunscreen, Sunweb’s holding company, cannot be forced to cooperate in the transfer of the shares in Corendon Holding and the payment of the purchase price.
According to the Court of Appeal, there is a real possibility that Sunweb will be able to successfully invoke the failure to meet all the conditions in proceedings on the merits.
The travel industry has been hit hard by the coronavirus crisis. Travel organizations have already had to cut considerably in their organizations to stay afloat.
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Court: Sunweb does not need to take over Corendon | Economy
Source link Court: Sunweb does not need to take over Corendon | Economy