Investcorp Europe I filed a proxy and called a May 21 meeting for shareholders to vote on its proposal to extend a deal deadline with OpSec to Dec. 17.
The target is a global provider of brand protection solutions and intellectual property management.
If approved, the new deadline would mark the third anniversary of the SPAC’s $300 million IPO. The SPAC’s trust held just over $130.2 million as of May 2, according to the filing.
The deal was announced in April 2023 at a pro forma enterprise value of $426 million. If the merger is approved, OpSec Group would likely trade on the Nasdaq, where Investcorp Europe I presently lists.
The transaction is supported by a $50 million backstop by the SPAC’s sponsor, with up to $199 million in gross transaction proceeds, less any redemptions by Investcorp Europe shareholders. Any incremental proceeds will be held on the balance sheet, with current investors rolling 96% of their pro forma ownership into the merged enterprise. Read more.
