FAST Acquisition Corp. (NYSE:FST) has postponed its special meeting to vote to approve its combination with casino, restaurant and hospitality group Golden Nugget/Landry’s.
The meeting, which was originally supposed to be held December 14, as well as the redemption deadline, originally scheduled for December 10, have been postponed to a future date not yet determined.
Clearly Fertitta Entertainment, Inc’s (FEI) recent attempt to terminate the deal is the driving force behind the postponement. On December 1, FAST Acquisition Corp (NYSE: FST) filed an 8-K revealing that FEI gave notice it would be terminating its merger agreement. However, FAST sent a letter right back to FEI in response to the termination notice stating that will not be happening and that FEI continues to be bound to its obligations under the agreement in all respects.
As background, the deal includes a condition to termination stating that either side is allowed to terminate the merger agreement if the business combination does not close by December 1. FAST claims that since FEI did not deliver its financial statements by March 31, and instead delivered them more than 3 months late in July, that this was the main reason the deal exceeded the termination date.
FAST initially announced its $6.6 billion deal with Golden Nugget/Landry’s earlier this year on February 1. The group includes five casinos and 557 restaurants including brands like Morton’s Steakhouse and Bubba Gump Shrimp across 38 states, DC and Puerto Rico with 41 units located internationally.
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