FAST Acquisition in an 8-K filing said it received a termination notice from merger partner Fertitta Entertainment. FAST immediately fired back with a notice that killing the deal is not permissible under terms of the merger agreement. The SPAC’s position is that the deal failed to close by the Dec. 1 deadline because Fertitta was four months late in delivering required financial statements.
FAST also threatened a lawsuit for the alleged breach of the agreement.
Fertitta Entertainment is the parent company of Golden Nugget/Landry’s.
Announced in February, the transaction implies an enterprise valuation for Golden Nugget/Landry’s of approximately $6.6 billion, or 9.25x projected 2022 pro forma Adjusted EBITDA of $648 million, including the value of the GNOG equity to be contributed to the company. Read more.
