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FAST Acquisition refuses to terminate SPAC merger with Fertitta Entertainment -Breaking

by Mike Robinson

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© Reuters.

(Reuters] – FAST Acquisition Corp is a blank check firm that refused to dissolve its merger agreement with Fertitta Entertainment. Fertitta Entertainment was owned billionaire Tilman Fertitta. Fertitta initiated termination.

Fertitta Entertainment decided to end the February deal. It was first signed in February.

FAST claimed that Fertitta delayed in delivering its financial reports on Thursday, which is the reason why the deal was not completed by the termination date. Therefore FAST cannot unilaterally terminate the merger agreement.

Fertitta, which had been planning to make public its agreement with FAST Acquisition Corp in June, expanded it to include some hospitality and restaurant companies.

This deal increased the enterprise value to $8.6 Billion for Golden Nugget restaurant and gaming operator and Landry’s restaurant chain operator. According to the February agreement, $6.6 billion was paid for the combined entity.

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