PE Firm Fights For Fees On £347M Bid For Engine-Maker

By Silvia Martelli (November 25, 2021, 1:37 PM GMT) -- A U.S. private equity firm has fought back against a defense filed by Melrose PLC in a dispute over a failed multimillion-pound deal, saying that it is entitled to recover fees because its final purchase offer for the German subsidiary of the British manufacturing company was complete.

OpenGate Capital Management told the High Court in its reply on Monday that it qualified for the reimbursement scheme in the bidding contract to buy Melrose's German engine maker, contradicting what the British parent company claimed in its Oct. 4 defense.

The reimbursement scheme did not outline any additional condition with which the firm...

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