blackstone, page-11

There will be losses for those who bought on the news.

The details on why the deal got pulled are less relevant if it can be proven that gross incompetency led to the deal being struck in the first place. There is a corporate duty for directors to act in the best interest of shareholders. A commercial lawyer (not Bob's sister in-law) needs to pull it all apart to see if there is a sufficient breach for a civil case. The due diligence would clearly seem to be an appalling fail. No judge will look kindly on public directors getting involved with people of Bleyer's ilk.