Cohn Robbins Holdings today announced that its shareholders approved the proposed business combination with Allwyn Entertainment AG, a multinational lottery operator.
The merger was supported by over 99.2% of shares voted. Approximately 66.7% of outstanding shares particpated in the vote.
Additionally, at a separate meeting, shareholders approved a proposal to extend the date by which the SPAC must close the deal from Sept. 11 to Dec. 11, which gives Cohn Robbins and Allwyn additional flexibility to complete the merger, which has an $850 million minimum cash condition.
Neither the regulatory filing nor the press release announcing the vote results made mention of redemptions, if any.
Cohn Robbins last week announced that investors who do not redeem their stock would share in a bonus pool of up to 6.6 million additional shares of the combined company.
The SPAC also said it has secured a $260 million backstop against redemptions. PPF Group, which currently owns approximately 4 million Cohn Robbins shares, agreed to buy another 26 million shares for the backstop. Read more.
