Well, this doesn’t happen every day, especially lately.
A day after GS Acquisition Holdings II shareholders voted in favor of the merger with Mirion Technologies, the SPAC announced today that the holders of 5 million shares reversed their redemption status, instantly restoring about $50 million to the SPAC’s trust proceeds.
The news is all the more remarkable at a time when more and more SPACs see their deals nearly crippled by massive shareholder redemptions ahead of merger votes. The SPAC’s news release offered neither explanation nor insight into the redemption reversals.
GS had pre-announced redemptions of about 26% of outstanding sharesd before yesterday’s vote on the Mirion deal. The SPAC also gave shareholders who redeemed an extra day to reconsider.
GS II said the transaction is expected to raise approximately $604 million from trust proceeds, $900 million from a fully committed PIPE and $830 million from a senior secured term loan financing. A portion of the proceeds will be used to pay $1.3 billion to existing Mirion stockholders, to refinance approximately $909 million of existing Mirion third-party debt and to pay transaction expenses.
Upon completion of the business combination, which is expected today, Mirion’s Class A common stock and warrants are expected to begin trading on the NYSE under MIR and MIRW. Read more.
