Global Star Acquisition in a regulatory filing said it amended the terms of its proposed merger with K Enter, a South Korean entertainment company.
The SPAC reduced the base value of the merger consideration from $610 million to $590 million. The modification was made after K Enter’s cancelled acquisition of a majority equity stake in First Virtual Lab. The SPAC’s management obtained an updated fairness opinion and the board approved and authorized the reduction in the deal value.
Global Star’s current deadline is June 22.
K Enter holds contracts to acquire seven diversified entertainment operating companies based in Korea, engaged in the entertainment content and IP creation businesses, and K Enter plans to close those acquisitions prior to completion of the merger with Global Star. Read more.
