Juniper Industrial Holdings, Inc. (JIH) Shareholders Approve Janus International Deal

Juniper Industrial Holdings, Inc. (NYSE:JIH) announced in an 8-K filing this afternoon that its shareholders approved its combination with Janus International with minimal redemptions at a special meeting earlier today.

Just 11,150 shares were redeemed in connection with the vote, removing $112,070 from Juniper’s trust. Even this amount is a bit of a surprise considering Juniper opened the day of its June 1 redemption deadline at $13.13 and held just $10.05 per share in its trust. The combined company’s shares are expected to trade on the NYSE under the symbol “JBI” following the deal’s close.

For all of the angst in the SPAC market of late, the string of recent deal completions have come with good votes and strong post-close performance. Seven SPAC deals have now completed since May 1, and these de-SPAC’d companies – CANO, BARK, SOFI, NRXP, OWL, SKIN, BLDE  – all closed well above $10 today, with an average share price of $15.50.

Juniper and Janus initially announced their $1.9 billion deal on December 22. Janus International is a global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions, including: roll up and swing doors, hallway systems, re-locatable storage units, and facility and door automation technologies.

A total of 81.7% of outstanding shares took part in the vote and the combination was approved overwhelmingly, but the company’s incentive plan received more dissenting votes. For a full list of measures on Juniper’s ballot and vote tallies, click HERE.

ADVISORS

• Morgan Stanley & Co. LLC is acting as financial advisor to Janus
• UBS is acting as financial and capital markets advisor as well as placement agent to Juniper
• Moelis & Company LLC is also acting as financial advisor to Juniper