1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Fertitta Backs out of Public SPAC Merger, to remain Private

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by heypartner, Dec 2, 2021.

Page 1 of 3
  1. heypartner

    heypartner Contributing Member

    Joined:
    Oct 27, 1999
    Messages:
    62,564
    Likes Received:
    56,282
    Apparently, both sides could back out of deal, f it didn’t close by Dec 1st, and Fertitta sent a letter of cancellation, while CNBC sources say Fertitta wants to remain private, now.

    https://seekingalpha.com/news/37764...or-billionaire-tilman-fertitta-firm-collapses

    • CNBC’s David Faber cited unnamed sources as saying that Fertitta Entertainment no longer wants to go public because “it’s doing really well,” with as much as $900 million in EBITDA.
    • Fast Acquisition Corp. (NYSE:FST) is sinking some 5% Thursday on word that its planned SPAC merger with billionaire Tilman Fertitta’s Fertitta Entertainment appears to be falling apart.
    • FST fell as much as 5.6% before partly recovering to trade at $10.11 shortly before 11 a.m. ET, down 4.9%.
    • Fast Acquisition (FST) fell after the company disclosed in an 8-K filingthat it received a letter Wednesday from Fertitta Entertainment that “purported” to terminate the two firms’ merger deal, which valued Fertitta Entertainment at some $6.6B.
    • FST wrote in the 8-K that Fertitta Entertainment announced plans to cancel the deal based on terms that allow either side to back out if the merger didn’t close by Dec. 1, which it failed to do.
    • However, FST said it responded in writing to Fertitta Entertainment that the pact doesn’t allow such a cancellation because of Fertitta’s “actions and failures to fulfill its obligations under the merger agreement.”
    • It’s unclear how the two sides will resolve the matter, but their dispute could presumably wind up in court.
    • Privately held Fertitta Entertainment owns Morton’s, Chart House and other restaurant chains, along with hotels, casinos and other holdings. Founder Tilman Fertitta is a high-profile financier worth some $6B who’s known for frequent TV appearances, as well as for owning the Houston Rockets basketball team.
     
    #1 heypartner, Dec 2, 2021
    daywalker02 and tinman like this.
  2. DaDakota

    DaDakota If you want to know, just ask!

    Joined:
    Mar 14, 1999
    Messages:
    124,091
    Likes Received:
    32,980
    Casino's opened back up.

    DD
     
    #2 DaDakota, Dec 2, 2021
    bleedroxred79, raining threes, Ramo$e and 1 other person like this.
  3. heypartner

    heypartner Contributing Member

    Joined:
    Oct 27, 1999
    Messages:
    62,564
    Likes Received:
    56,282
    #3 heypartner, Dec 2, 2021
    don grahamleone and jch1911 like this.
  4. heypartner

    heypartner Contributing Member

    Joined:
    Oct 27, 1999
    Messages:
    62,564
    Likes Received:
    56,282
    The merger did include most all Fertitta’s restaurant business (after a July amendment to add them), and in August his reported financials were very solid.
     
    #4 heypartner, Dec 2, 2021
    raining threes and tinman like this.
  5. DaDakota

    DaDakota If you want to know, just ask!

    Joined:
    Mar 14, 1999
    Messages:
    124,091
    Likes Received:
    32,980
    (edit) Casinos and restaurants opened back up!

    DD
     
    #5 DaDakota, Dec 2, 2021
    bleedroxred79 and raining threes like this.
  6. kubli9

    kubli9 Contributing Member
    Supporting Member

    Joined:
    Mar 30, 2002
    Messages:
    3,044
    Likes Received:
    4,466
    Does this mean he'll stop being cheap?
    [​IMG]

    Oh wait, he was cheap even when things were good.
     
    #6 kubli9, Dec 2, 2021
    Ramo$e, clos4life, Jontro and 6 others like this.
  7. HoustonCRT

    HoustonCRT Member

    Joined:
    Jul 6, 2014
    Messages:
    1,101
    Likes Received:
    2,813
    Me going to five games this year really fattened Tilman's pockets I see.
     
    #7 HoustonCRT, Dec 2, 2021
    glimmertwins, Jontro, napalm06 and 1 other person like this.
  8. Nook

    Nook Member

    Joined:
    Jun 27, 2008
    Messages:
    54,172
    Likes Received:
    112,815
    There is always some sort of dark cloud around his business and dealings.
     
    #8 Nook, Dec 2, 2021
    BigMaloe, Der Rabbi, topfive and 9 others like this.
  9. Amel

    Amel Contributing Member

    Joined:
    Mar 4, 2006
    Messages:
    10,528
    Likes Received:
    5,491
    Market is terrible right now, SPACs and IPOs getting destroyed...
     
    #9 Amel, Dec 2, 2021
    raining threes likes this.
  10. ElPigto

    ElPigto Member
    Supporting Member

    Joined:
    Sep 21, 2006
    Messages:
    14,771
    Likes Received:
    23,327
    He is a weasel alright.
     
    #10 ElPigto, Dec 2, 2021
    the11mingdynasty and Nook like this.
  11. Easy

    Easy Boban Only Fan
    Supporting Member

    Joined:
    Jul 23, 2002
    Messages:
    35,205
    Likes Received:
    24,232
    No, it means he won't be selling the team any time soon.
     
    #11 Easy, Dec 2, 2021
    Invisible Fan, raining threes, Jontro and 1 other person like this.
  12. kubli9

    kubli9 Contributing Member
    Supporting Member

    Joined:
    Mar 30, 2002
    Messages:
    3,044
    Likes Received:
    4,466
    Damn, we're gonna need a new variant to send us into lockdown to rid ourselves of Tillman. :(
     
    #12 kubli9, Dec 2, 2021
    Jontro and Easy like this.
  13. marky :)

    marky :) Member

    Joined:
    May 1, 2009
    Messages:
    4,563
    Likes Received:
    4,100
    Maybe the comps at Golden Nugget in Lake charles will start to be good again.
     
    #13 marky :), Dec 2, 2021
  14. don grahamleone

    don grahamleone Contributing Member

    Joined:
    Aug 11, 2001
    Messages:
    23,376
    Likes Received:
    33,525
    I love how poster take the other side without knowing a lick about it. I can almost guarantee that both sides are full of business a-holes and this was always one group trying to screw the other over at all moments of the deal. So why take a side? Both sides are likely the types you hate.
     
    #14 don grahamleone, Dec 2, 2021
    Invisible Fan, Patience, BallaDoc and 1 other person like this.
  15. napalm06

    napalm06 Huge Flopping Fan

    Joined:
    Sep 30, 2008
    Messages:
    26,367
    Likes Received:
    29,532
    On the one hand, your post is very rational, kudos sir.
    On the other hand, the other side didn't ruin our Championship caliber sports team in epic fashion. We have no vested interest in them succeeding or failing.
     
    #15 napalm06, Dec 2, 2021
    topfive, Invisible Fan, ElPigto and 4 others like this.
  16. kubli9

    kubli9 Contributing Member
    Supporting Member

    Joined:
    Mar 30, 2002
    Messages:
    3,044
    Likes Received:
    4,466
    Yes but our business a-hole destroyed a championship caliber team in record time, says "shut up and listen," and has this face:
    [​IMG]
     
    #16 kubli9, Dec 2, 2021
    ElPigto, clos4life and Jontro like this.
  17. dmoneybangbang

    dmoneybangbang Member

    Joined:
    May 5, 2012
    Messages:
    20,999
    Likes Received:
    12,870
    Save us Michael Dell! Born unto Houston! It is your destiny!
     
    #17 dmoneybangbang, Dec 2, 2021
  18. Fulgore

    Fulgore Member

    Joined:
    Feb 20, 2009
    Messages:
    16,225
    Likes Received:
    14,908
    Need to legalize sports gambling in Texas. Tillman would build a golden nugget downtown
     
    #18 Fulgore, Dec 2, 2021
    Rudyc281 and Jontro like this.
  19. Jontro

    Jontro Member

    Joined:
    Feb 3, 2010
    Messages:
    34,400
    Likes Received:
    22,147
    does this mean tillmen will buy the coyotes and bring them to the toybox?
     
    #19 Jontro, Dec 2, 2021
  20. tinman

    tinman Contributing Member
    Supporting Member

    Joined:
    May 9, 1999
    Messages:
    97,939
    Likes Received:
    40,557
    After you eat at a Landry’s restaurant you will have stuff that comes out very solid
     
    #20 tinman, Dec 3, 2021
(You must log in or sign up to post here.)
Page 1 of 3

Share This Page

Toggle Width
Style
ClutchFans Original

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Rockets Content

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now