Clairvest Files Suit to Block TPG Pace Holdings Merger
by Kristi Marvin on 2019-07-17 at 8:20am

Last night, in the ongoing drama between Accel Entertainment and their minority shareholder, Clairvest, Clairvest put out a press release stating that they have filed a lawsuit to block Accel Entertainment’s merger with TPG Pace Holdings (TPGH). Clairvest is claiming the proposed merger is “an improper action by Accel that also violates a number of Clairvest’s shareholder approval rights and does not constitute a valid drag-along sale in accordance with Accel’s charter.

Accel counter-punched and put out their own press release this morning stating the following:

“While we have not yet seen the complaint, we are disappointed that Clairvest has announced that it has chosen to sue one of its portfolio companies to block a transaction we believe it is contractually bound to support. When Clairvest invested in Accel, it agreed that if shareholders owning a majority of the company’s outstanding shares elected to sell their stock, it would take all actions reasonably necessary to consummate the transaction. Instead, it apparently has chosen for its own purposes to attempt to obstruct a sale that is strongly supported by a majority of shareholders and that provides shareholders with significant value and liquidity. Accel will vigorously defend against Clairvest’s claims and will seek to enforce Clairvest’s contractual obligations.”

Drama indeed.  TPG Pace has only 2.5 months left before they hit their extended deadline of September 30th, so it remains to be seen if this lawsuit will delay the closing before time runs out again.  Regardless, the “noise” around this transaction is not great.  At best, it’s a nuisance.  At worst, it delays or blocks the transaction.   Let’s hope TPGH can get past this or at least has a back-up acquisition. We’ll update if further information becomes available.

You can read the Clairvest press release HERE, and the Accel press release HERE.

Clairvest Files Suit to Block TPG Pace Holdings Merger
Recent Posts
by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved