A report from Bloomberg today detailed how minority investor Blue Skye Financial Partners are looking to block the sale of Milan to RedBird.
The minority investor alleges that owners Elliott Management engaged in talks “behind closed doors” to sell the club, in breach of minority rights. Blue Skye are now looking for documents from a court in the US ahead of legal action in Luxembourg, which they hope will annul the sale to RedBird or allow them to obtain damages.
The filing from the minority investor underlined their intention to show how Elliott “operated with malice or deceit” after they released confidential information without seeking prior approval, as well as their failure to hold a proper bidding process.
Blue Skye own around 4.3% of the holding company that owns Milan and they claimed that they were informed by Gordon Singer that the hedge fund was “focused on maximizing value for Milan and it would be privy to any sale,” and instead they suggest that they were left entirely sidelined.
— Bloomberg (@business) June 29, 2022