GS Acquisition Holdings (GSAH) Releases Shareholder Vote Results

GS Acquisition Holdings Corp. (GSAH), filed an 8-K this afternoon detailing the results of their recent shareholder vote to approve their business combination with Vertiv Holdings LLC, a global provider of critical digital infrastructure and continuity solutions.  Unsurprisingly, the results were overwhelmingly positive.

As you can see in the table above, only 100 shares voted against the transaction.  However, more importantly, GSAH also provided us with redemption details today and it appears we have another jokester on our hands.  That’s because a total of only one shareholder elected to redeem just 250 shares despite the fact that the share price closed to day at $12.86.  That means that the shareholder who redeemed said, “Nah, rather than sell my shares at $12.86 in the market, I’d much rather take less money by redeeming at ~10.26 and leave $2.60 per share on the table.” However, since this difference only totals ~$650, most likely the shareholder just felt like being “cute”. Regardless, this is a rounding error.  GSAH’s redemption percentage still reads as 0.0%.

All told, GSAH’s vote represents another successfully de-SPAC’d deal. No word yet on when this transaction should close, but look for a press release shortly.

ADVISORS

• Goldman Sachs & Co. LLC acted as lead placement agent and exclusive financial advisor to GSAH.
• J.P. Morgan Securities LLC and Deutsche Bank Securities acted as capital markets advisors to GS Acquisition Holdings Corp.
• J.P. Morgan Securities LLC acted as financial advisor to Vertiv.
• Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to GSAH.
• Morgan, Lewis & Bockius, LLP and Gibson, Dunn & Crutcher LLP acted as joint legal advisors to Platinum Equity and Vertiv.