Landcadia SPAC Merger to Bring Golden Nugget Online Gaming Public All But Assured
The special purpose acquisition company (SPAC) Landcadia Holdings II (NASDAQ: LCA) that's angling to bring the online gaming operations of Atlantic City's Golden Nugget casino public has proposed amendments to the merger that all but assure it will happen.
Landcadia had to postpone to Dec. 29 a special meeting of shareholders after not enough votes were cast to approve the merger at the Dec. 18 meeting. The new rules would allow the merger to be approved with more than 50% of the votes cast at the meeting, rather than 50% of all outstanding shares.
Because only a little over 40% of all shares have been voted, and 99.8% of those were in favor of the merger, the change would guarantee the merger happens.
Source Fool.com
