It is getting rough and tumble in mergers and acquisitions. Carlyle just threw a one-two punch at Pioneer Credit, an Australian debt collector that it agreed to buy in December. First, the private equity firm threatened to withdraw A$142 million ($91 million) of funding because of alleged defaults, which Pioneer denies.

Then, Carlyle cited breaches and material adverse changes to its A$120 million buyout. It gave its target five days to sort things out.

With all the doubt, Pioneer’s shares tumbled 56% on Tuesday. Pioneer reckons Carlyle is just using the pandemic to squeeze it.

Source: Breakingviews – Corona Capital: Carlyle/Pioneer, AB InBev, Credit – Reuters