Travel organization Sunweb is not forced to take over its Dutch industry peer Corendon. The Amsterdam court has determined this in summary proceedings.
Sunweb announced last month that it wanted to abandon the plans to acquire Corendon. According to Sunweb, “the requirements to complete the transaction could not be met.” Sunweb CEO Mattijs ten Brink then announced that he regretted the announcement.
To the judge
The owners of Corendon then went to court to enforce the purchase. According to the company, all agreements have been met. Sunweb would like to get out of the deal because of the corona crisis and the major impact on the travel industry.
According to the judge, it is likely that Corendon has met all the conditions for the deal, yet it refuses to force Sunweb to actually go ahead with the takeover. The consequences are ‘far-reaching and possibly irreversible’.
Possible bankruptcy
Sunweb says an acquisition could lead to the company’s bankruptcy. According to the judge, both companies are in any case hit hard by the crisis.
It is therefore not possible to predict the exact consequences of a takeover, for example for employment or the fulfillment of financial obligations.
Around the table
The judge therefore wants the companies to sit down with each other to adjust the deal. Corendon has announced that it is open to this.
Sunweb has not yet done so, but according to the judge it must realize that the company will not just get out of the deal. The company was not yet available for comment.
Summer deal
Sunweb, which is owned by the Swedish investor Triton, announced last summer that it wanted to acquire Corendon. The shares would be bought for 146 million euros.
But the Netherlands Authority for Consumers and Markets (ACM) did not finally approve the deal until October.
Corona crisis
In the meantime, the corona crisis turned the travel world upside down, calling into question the agreements.
It is unclear what the consequences for the takeover will be for Corendon. Last summer, founder Atilay Uslu stated that he had no choice but to sell the company.
Corendon would find it more and more difficult to sign contracts for good hotel rooms on its own.
