Banyan Acquisition in an 8-K saaid it and merger partner Pinstripes agreed to waive the Dec. 24 outside date termination for completing their deal. The parties agreed not to exercise their outside date termination right on or prior to Dec. 29.
Additionally, Pinstripes entered a term sheet for $50 million in senion unsecured notes due 2028 with “a large institutional investor.”
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.
Banyan last week said its Dec. 20 shareholder meeting to vote on the proposed merger has been postponed until Dec. 27. The redemption deadline has been 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 transaction includes $75 million in gross cash proceeds plus a $21 million PIPE by Middleton Partners. Read more.
