This morning, One Madison Corp. (OMAD), released the details of their shareholder vote to approve their merger with Ranpak Corporation., and while the combination was strongly approved, there were a significant amount of redemptions.
Proposal to approve the business combination:
Only 1,427,450 shares voted against the transaction, but 15,418,654 shares opted to redeem which removed approximately $158 million from the nearly $308 million held in trust. The good news is, One Madison had $312 million in committed capital thanks to the $150 million backstop with their Anchor Investors (Blackstone) and $162 million in new PIPEs. The additional $150 million left in trust gives Ranpak approximately $462 million to work with going forward.
This business combination is expected to close on June 3rd, 2019, and Ranpak is expected to apply for continued listing on the NYSE under the symbols “PACK” and “PACK.WS,” for it’s common stock and warrants, respectively.
You can find the filed vote results for all One Madison’s proposals HERE.