Banyan Acquisition in a rtegulatory filing said its Dec. 20 shareholder meeting to vote on a proposed merger with Pinstripes has been postponed until Dec. 27.
The redemption deadline has vbeen extended to 5 p.m. Eastern on Dec. 26.
Banyan said the additional time is needed to satisfy certain closing conditions. Banyan said it and Pinstripes will continue to work on closing the deal as soon as possible pending approval by the stockholders of each company and the satisfaction or waiver of any applicable closing conditions.
Pinstripes is a restaurant chain serving Italian-American food along with bowling and bocce.
The equity value of the deal was lowered in September to about $480 million. At announcement in June, the deal was valued at about $520 million. The parties also adjusted the terms of the earnout shares.
The transaction includes $75 million in gross cash proceeds plus a $21 million PIPE by Middleton Partners.
Pinstripes has 13 venues now open in eight states and Washington D.C., with 10 planned openings of new venues in 2024. Read more.
