DIAMOND CASTLE PARTNERS IV PRC, L.P. v. IAC/INTERACTIVECORP

3694, 602427/08.

82 A.D.3d 421 (2011)

918 N.Y.S.2d 73

DIAMOND CASTLE PARTNERS IV PRC, L.P., et al., Respondents, v. IAC/INTERACTIVECORP, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 3, 2011.


Plaintiffs are a group of private equity funds and related entities. In July 2006, plaintiffs submitted a proposal to purchase PRC, a wholly-owned subsidiary of defendant. Following due diligence, plaintiffs submitted a bid for PRC of approximately $286.5 million, which defendant accepted. In order to effect the transaction, plaintiffs formed Panther as an acquisition vehicle. On November 2, 2006, Panther, defendant and PRC entered into a purchase agreement providing for...

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