Lottery operator Allwyn and Cohn Robbins Holdings over the weekend announced that they have mutually agreed not to proceed with their business combination.
The SPAC’s shareholders earlier this month approved the deal — and gave Cohn Robbins until December to complete the merger. The merger was supported by over 99.2% of shares voted. Approximately 66.7% of outstanding shares particpated in the vote.
Allwyn and the SPAC in a joint statement said “the marketing period coincided with significant market volatility amid a backdrop of concerns about the prospects for inflation, interest rates and recession.”
The deal had an $850 million minimum cash condition to close. Read more.
