Clairvest Voluntarily Dismisses Lawsuit Against Accel Entertainment
TPG Pace Holdings (TPGH) is starting the month off on a high note since it was announced this morning that Clairvest, its minority shareholder that had previously filed a lawsuit to block the merger between TPGH and Accel Entertainment, has voluntarily dismissed its litigation. The lawsuit had claimed that the merger violated Clairvest’s shareholder approval rights and did not constitute a valid drag-along sale in accordance with Accel’s Charter. However, it seems all parties have come to an agreement and now the runway has been cleared to proceed with the business combination.
Additionally, it was announced on August 29th that Accel had entered into a definitive agreement to acquire Grand River Jackpot LLC for an enterprise value of $108 million and as a result, the investor presentation has been updated. The new enterprise value for the Accel acquisition is now $984 million, up from $884 million, previously. Grand River Jackpot is one of the first licensed video gaming terminal operators in Illinois with more than 451 locations with 1,893 video game terminals.
TPGH has an extension coming up later this month with an actual shareholder vote date as yet to be determined. However, their clock runs out on Monday, September 30th, so it is anticipated to take place right around that date. Most likely, the Friday prior – September 27th. The current preliminary proxy still has quite a few blanks. In particular, mention of a contribution to trust to extend (if any), but look for a definitive proxy to be filed any day now to provide more clarity.
You can read the press release HERE, and review the new presentation HERE.