HOUSTON (Reuters) – A U.S. judge has allowed an affiliate of hedge fund Elliott Investment Management to move forward with completing its offer for the parent company of Venezuela-owned Citgo Petroleum. This will occur through a court-ordered auction of shares.
Delaware Judge Leonard Stark instructed a court officer overseeing the auction to terminate a stock purchase agreement (SPA) with a Gold Reserve subsidiary. Instead, the court officer was ordered to sign a new agreement with Elliott’s affiliate, Amber Energy.
At the same time, the judge restricted rival bidder Gold Reserve from proceeding with its transaction. This decision clears the path for Elliott’s affiliate to finalize its acquisition efforts.
The ruling marks a significant development in the ongoing battle between Elliott Investment Management and Gold Reserve over control of Citgo’s parent company.
https://ca.finance.yahoo.com/news/us-court-moves-support-elliott-025838210.html
