Delaware judge orders Verisk to proceed with $2.35 billion AccuLynx deal

A Delaware judge has ordered data analytics firm Verisk to proceed with its planned $2.35 billion acquisition of roofing software maker AccuLynx. The ruling comes more than seven months after Verisk attempted to terminate the deal.

Chancellor Bonnie David of the Delaware Court of Chancery found Verisk's termination of the deal to be invalid, stating that the company's "willful conduct caused the failure of a condition to closing." Verisk had announced its decision to terminate in late December, citing the U.S. Federal Trade Commission's failure to complete its review of the transaction by the December 26 termination date.

AccuLynx had previously notified Verisk that it believed the termination was invalid. Verisk had disagreed with this assertion and stated its intention to "vigorously" defend its position. The FTC had requested additional details from both companies in October, signaling an extended regulatory review that delayed the deal's closing.

The judge also ruled on Friday that AccuLynx is entitled to damages for direct costs incurred, plus interest. The acquisition remains subject to final FTC approval.