Landcadia Amends Purchase Agreement in GNOG Merger
Landcadia has amended the purchase agreement relating to its merger with Golden Nugget Online Gaming (GNOG).
The amendment was made after Landcadia failed to obtain enough shareholder votes in favor of the merger in a virtual meeting last week. While around 99.8% of those attending the meeting voted in favor, they represented just 40.5% of total shareholders as many did not attend. Landcadia’s policy required that at least 50% of all outstanding shares to vote in favor.
The purchase agreement has now been amended to allow the merger to be approved with more than 50% of votes cast at a particular meeting. A second meeting will be held on December 29.
“The company believes the amendment is in the best interests of its stockholders, given the significant increase in the price of the company’s Class A common stock since the announcement of the business combination, and the overwhelming support of the business combination by stockholders who have voted thus far,” Landcadia said.
