{"id":159212,"date":"2020-12-21T11:01:56","date_gmt":"2020-12-21T19:01:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=159212"},"modified":"2020-12-21T11:22:58","modified_gmt":"2020-12-21T19:22:58","slug":"landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/","title":{"rendered":"Landcadia Amends Voting Requirement to Seal Golden Nugget Online Deal"},"content":{"rendered":"

Landcadia Holdings II, Inc. (NASDAQ:LCA) is taking steps to ensure it’s able to finalize its merger with Golden Nugget Online Gaming (GNOG). It is amending the purchase agreement to shorten the odds the transaction passes at an upcoming shareholder meeting.<\/p>\n

\"Landcadia
Tilman Fertitta seen here in a 2012 interview. His Landcadia Holdings SPAC is changing an amendment to finalize a merger with Golden Nugget Online Gaming. (Image: GNOG)<\/figcaption><\/figure>\n

Last week, the special purpose acquisition company (SPAC) co-owned by Tilman Fertitta and investment bank Jefferies held a virtual meeting where investors voted on the combination with GNOG. While approximately 99.8 percent of the shareholders that attended the get-together voted in favor of the transaction, not enough ballots were cast to make the deal official. Entering the Dec. 18 meeting, Landcadia bylaws required at least half the shares outstanding needed to be voted. But the figure was closer to 40.5 percent<\/a>.<\/p>\n

As a result, that conference was adjourned until Dec. 29. Now, Landcadia is taking action to move the merger along, modifying its shareholder agreement \u201cto provide increased certainty that the Business Combination\u201d (will be approved) at next week’s meeting.<\/p>\n

The company believes the amendment is in the best interests of its stockholders, given the significant increase in the price of the company’s Class A common stock since the announcement of the business combination, and the overwhelming support of the business combination by stockholders who have voted thus far,\u201d according to a statement issued today by the SPAC.<\/p><\/blockquote>\n

Fertitta, his affiliates, and Jefferies already voted in favor of the proposal, which will see Golden Nugget Online become a public company trading on the Nasdaq under the ticker \u201cGNOG.\u201d Fertitta will have 53 percent beneficial ownership<\/a> of the iGaming company and serve as its chief executive officer.<\/p>\n

Analyzing the Amendment<\/h2>\n

The new amendment states that at the upcoming shareholder meeting, the Landcadia\/GNOG merger needs to garner affirmative votes on a majority of the shares outstanding present at the Dec. 29 event, rather than more than half of the overall investor base.<\/p>\n

\n

That’s an important step in this situation, because 70 percent of Landcadia’s stockholders<\/a> are retail, a group known for not actively participating in corporate votes. The blank-check firm acknowledged that was a primary reason the transaction wasn’t wrapped up last week.<\/p>\n<\/div>\n

Another stipulation in the amendment is the \u201cproposal to approve an amended and restated certificate of incorporation of the company must receive the affirmative vote of a majority of our outstanding shares of common stock, rather than a majority of the outstanding shares of Class A common stock held by disinterested stockholders,\u201d according to Landcadia.<\/p>\n

Next Steps<\/h2>\n

It’s been six months since Landcadia announced plans to combine with GNOG, providing a platform for the latter to go public. The transaction values the online casino company at $745 million<\/a>, or 6.1x the target’s estimated 2021 revenue of $122 million.<\/p>\n

Enthusiasm for the SPAC equity and the debut of GNOG are palpable, because the company is profitable, a rarity among emerging growth and online gaming firms<\/strong>.<\/p>\n

Assuming the aforementioned amendment does the trick and the merger is approved on Dec. 29, it could be early January when Golden Nugget Online makes its debut as a public company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Landcadia Holdings II, Inc. (NASDAQ:LCA) is taking steps to ensure it’s able to finalize its merger with Golden Nugget Online Gaming (GNOG). It is amending the purchase agreement to shorten the odds the transaction passes at an upcoming shareholder meeting. Last week, the special purpose acquisition company (SPAC) co-owned by Tilman Fertitta and investment bank […]<\/p>\n","protected":false},"author":46,"featured_media":159213,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nLandcadia Amends Vote Policy to Ensure Completion of GNOG Deal<\/title>\n<meta name=\"description\" content=\"Landcadia Holdings amends vote policies ahead of Dec. 29 shareholder meeting to ensure closing of Golden Nugget Online merger.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landcadia Amends Vote Policy to Ensure Completion of GNOG Deal\" \/>\n<meta property=\"og:description\" content=\"Landcadia Holdings amends vote policies ahead of Dec. 29 shareholder meeting to ensure closing of Golden Nugget Online merger.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-21T19:01:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-21T19:22:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/tilman-2-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/\",\"url\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/\",\"name\":\"Landcadia Amends Vote Policy to Ensure Completion of GNOG Deal\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/tilman-2-scaled.jpg\",\"datePublished\":\"2020-12-21T19:01:56+00:00\",\"dateModified\":\"2020-12-21T19:22:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Landcadia Holdings amends vote policies ahead of Dec. 29 shareholder meeting to ensure closing of Golden Nugget Online merger.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/landcadia-amends-vote-policy-to-ensure-completion-of-gnog-deal\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/tilman-2-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/tilman-2-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Tilman Fertitta seen here in a 2012 interview. 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