May 7, 2020 / 10:26 AM / 23 days ago

Far Point board recommends against buyout of Global Blue

May 7 (Reuters) - Blank-check company Far Point Acquisition Corp said on Thursday its board recommended against the $2.6 billion deal to buy shopping tax refund firm Global Blue, after the latter flagged a hit from COVID-19.

Far Point management informed the board that it no longer supports the transaction and believes that “there is a likelihood that Global Blue will lack sufficient capital and liquidity to fund its operations”, the company said in a statement. (Reporting by C Nivedita and Abhishek Manikandan in Bengaluru)

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