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Fertitta Backs out of Public SPAC Merger, to remain Private

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

  1. heypartner

    heypartner Contributing Member

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    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.
     
    daywalker02 and tinman like this.
  2. DaDakota

    DaDakota Contributing Member

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    Casino's opened back up.

    DD
     
  3. heypartner

    heypartner Contributing Member

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    don grahamleone and jch1911 like this.
  4. heypartner

    heypartner Contributing Member

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    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.
     
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  5. DaDakota

    DaDakota Contributing Member

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    (edit) Casinos and restaurants opened back up!

    DD
     
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  6. kubli9

    kubli9 Contributing Member

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    Does this mean he'll stop being cheap?
    [​IMG]

    Oh wait, he was cheap even when things were good.
     
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  7. HoustonCRT

    HoustonCRT Member

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    Me going to five games this year really fattened Tilman's pockets I see.
     
  8. Nook

    Nook Member

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    There is always some sort of dark cloud around his business and dealings.
     
  9. Amel

    Amel Contributing Member

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    Market is terrible right now, SPACs and IPOs getting destroyed...
     
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  10. ElPigto

    ElPigto Member
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    He is a weasel alright.
     
    the11mingdynasty and Nook like this.
  11. Easy

    Easy Very Calm
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    No, it means he won't be selling the team any time soon.
     
  12. kubli9

    kubli9 Contributing Member

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    Damn, we're gonna need a new variant to send us into lockdown to rid ourselves of Tillman. :(
     
    Jontro and Easy like this.
  13. marky :)

    marky :) Member

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    Maybe the comps at Golden Nugget in Lake charles will start to be good again.
     
  14. don grahamleone

    don grahamleone Contributing Member

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    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.
     
  15. napalm06

    napalm06 John Lucas University™
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    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.
     
  16. kubli9

    kubli9 Contributing Member

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    Yes but our business a-hole destroyed a championship caliber team in record time, says "shut up and listen," and has this face:
    [​IMG]
     
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  17. dmoneybangbang

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    Save us Michael Dell! Born unto Houston! It is your destiny!
     
  18. Fulgore

    Fulgore Member

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    Need to legalize sports gambling in Texas. Tillman would build a golden nugget downtown
     
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  19. Jontro

    Jontro Member

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    does this mean tillmen will buy the coyotes and bring them to the toybox?
     
  20. tinman

    tinman Contributing Member
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    After you eat at a Landry’s restaurant you will have stuff that comes out very solid
     

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