Partners Group Is Being Sued For Attempting To Acquire Patriot Rail
MidRail is a freight rail operator. The lawsuit centers around the acquisition of MidRail’s competitor Patriot Rail. Patriot Rail is a U.S. rail operator.
MidRail had been strategizing to acquire Patriot Rail. Additionally, MidRail wanted to pursue the acquisition together with Partners Group. Partners Group had continuously asked for information behind the strategy that MidRail would implement to win the bid for Patriot Rail.
What had been agreed was if Partners Group got past the first round in the bid process then it would partner with MidRail to finish the bid process. However, when Partners Group had gotten past the first round it refused to join efforts with MidRail. Instead, MidRail claims that Partners Group had started presenting MidRail’s work as its own.
MidRail eventually won the bid, however in order to do so it had to increase the amount it was willing to pay for the acquisition by $100 million. Partners Group has responded by stating that the lawsuit claims are unfounded.