Global materials science technology company Footprint and Gores Holdings VIII today announced they have mutually agreed to terminate their merger agreement. The termination is the result of current unfavorable conditions in the public markets, the companies said in a press release.
Don Thompson, Chairman of the Footprint Board, said. “Footprint remains focused on delivering innovative and environmentally-friendly solutions for our customers. Despite the challenging financial market environment that has hindered our merger plans, we continue to make progress toward our vision of creating a healthier planet and healthier people by reducing the use of single-use and short-term plastics in the supply chain. We appreciate the tremendous support from Alec Gores and the team at Gores Holdings VIII throughout this process – they have been great partners to all of us at Footprint.”
Alec Gores, Chairman and CEO of The Gores Group and Chairman of Gores Holdings VIII said, “After careful thought and consideration, we mutually determined that this action is in the best interest of all parties at this time given current market conditions. Irrespective of this outcome, we feel optimistic about Footprint’s future as the company continues to demonstrate strong performance with continued record revenue growth and robust capacity expansion year-to-date.”
Gores VIII in September announced that developing market conditions prompted it to lower the estimated pro forma enterprise value of Footprint to $1 billion, down from $1.6 billion. As announced in December 2021, the deal was expected to provide Footprint with $805 million. Read more.
