It’s the latest twist in the world of blank-check mergers: A company plans to go public with a SPAC and use it to buy back an affiliate that it took public using another SPAC, Bloomberg reports.
This circular scenario revolves around a drugmaker called Roivant Sciences, which wants to merge with a SPAC and then take over a SPAC that acquired Immunovant from Roivant less than two years ago.
What’s more, Roivant says it knows something that everyone else doesn’t about its former unit, and it’s willing to pay a premium for the shares — perhaps as much as 70 percent by one estimate.
A SPAC-on-SPAC deal is such an oddity that people who follow shell companies can’t remember it happening before, or anything like Roivant’s head-spinning version. Read more.
