NEW YORK (Reuters) – The Delaware Supreme Court has upheld a lower court verdict to dismiss credit card processor Alliance Data Systems’ (ADS.N) lawsuit seeking a breakup fee from its aborted takeover by private equity firm Blackstone Group (BX.N).
The court upheld a decision by the Delaware Court of Chancery made in January, according to a copy of the decision.
Blackstone agreed to a $6.76 billion deal to buy Alliance Data in May 2007, but the deal collapsed in April 2008.
ADS sued Blackstone to win a $170 million business interruption payment, claiming the buyout firm breached its contractual obligations by prolonging negotiations with regulators and causing the deal not to be completed.
The regulator involved was the U.S. Office of the Comptroller of the Currency.
(Reporting by Megan Davies; Editing by Lisa Von Ahn)