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Saturday, December 11, 2021
Fertitta Ends $8.6 Billion Deal to Take Casino Empire Public
Fertitta Ends $8.6 Billion Deal to Take Casino Empire Public
Billionaire Tilman Fertitta reached a settlement to pull out of an $8.6 billion deal with a blank-check company that would have taken his restaurant and casino empire public.
Fertitta Entertainment Inc., the parent company of the Golden Nugget casinos and the Landry’s restaurant group, agreed to pay as much as $33 million to end a planned merger with Fast Acquisition Corp., a special purpose acquisition company formed last year.
“At the end of the day we ultimately determined that the right decision for my company was to remain private at this time,” Fertitta said in a statement on Friday. “I look forward to continuing to grow our business.”
The settlement brings to a quick resolution a dispute between Fertitta and Fast Acquisition that flared up earlier this month. Fertitta’s general counsel sent a letter Dec. 1 notifying the SPAC of its intention to call off the merger due to delays, drawing a threat of legal action in response.
Fast Acquisition shares advanced 1.2% to $10.18 as of 10:35 a.m. Friday in New York after gaining as much as 2.9%. Bonds issued by Golden Nugget were unchanged, according to Trace data.
Fertitta, who also owns the Houston Rockets basketball team, announced in February that he planned to take his casino and restaurant operations public through the SPAC. In June, he expanded the deal to add additional businesses.
Fast Acquisition, whose backers include Ruby Tuesday founder Sandy Beall, said it will continue to look for a combination with a new operating company and that the settlement will ensure the blank-check firm will remain sufficiently capitalized as it seeks a new target.
Friday, December 10, 2021
Wednesday, December 01, 2021
Property News Media Blog: Packer earns $500m as tech investor
Packer earns $500m as tech investor
The billionaire’s private investment company returned to profit this year, thanks to buying and trading technology stocks as well as an uplift in his Crown shares.
Saturday, November 27, 2021
Wednesday, November 03, 2021
Thursday, October 28, 2021
Tuesday, October 05, 2021
Friday, October 01, 2021
Wednesday, September 29, 2021
Thursday, September 16, 2021
Friday, June 25, 2021
Monday, June 14, 2021
Thursday, June 10, 2021
Saturday, May 22, 2021
Monday, May 10, 2021
Wednesday, April 14, 2021
Saturday, January 09, 2021
Saturday, August 10, 2019
Tuesday, July 24, 2018
Sunday, January 28, 2018
Tuesday, May 02, 2017
Tech billionare buys Sydney mansion for record price
Friday, September 11, 2015
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