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Forbes Explores Sale After SPAC Deal Collapses

August 2, 2022
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Forbes has tapped Citigroup to sell at a price of at least the $630 million valuation declared in its earlier process to go public through a blank-check company, The New York Times reports.

Forbes shareholders in June terminated a $630 million merger agreement with Magnum Opus Acquisition. The news came amid a downturn in sentiment for blank-check deals as regulatory scrutiny of SPACs tightens. Read more.

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Exclusive: The International State of SPACs in 2023 and Beyond – An Interview with Corporate and Securities Attorney Doug Ellenoff

Ellenoff is bullish on U.S. SPACs, though cautiously so while the market remains in flux. Attractive targets in Europe and elsewhere should also continue to provide opportunities for SPACs, which Ellenoff sees as a critical component of healthy stock markets throughout the world. SPACs open doors that would otherwise be closed to many companies, he says. Done correctly, SPAC deals are lucrative for all parties involved.