SCAC will now have until December 31, 2018 to complete their transaction
Saban Capital Acquisition Corp. released the results of its shareholder vote to extend their completion deadline to December 31, 2018. 25,459,87 shareholders voted for the extension, while 2,038,707 shareholders voted against. However, 3,842,224 shareholders opted to redeem their shares at $10.19 per share for an aggregate amount of $39.15 million.
Saban will now have an additional three months to complete their previously announced business combination agreement with Panavision and Sim Video, a combined company that will provide end-to-end production and post-production services to the entertainment industry. Additionally, Saban will also be able to extend to March 31, 2018 if they have executed a definitive agreement by December 31, 2018.
The new currently estimated funds in trust is now approximately $217 million (including estimated interest).