CORPORATE GROUP COMPLETES SIGNING OF MERGER AGREEMENT FOR BIODEGRADABLE PLASTICS PRIVATE BUSINESS WITH SPAC
The firm represented a privately-held company in the biodegradable plastics business in connection with the signing of an Agreement and Plan of Merger with a special purpose acquisition corporation listed on the New York Stock Exchange pursuant to which our client will become a wholly owned subsidiary of the public SPAC, with management of our client running the combined business post-closing. The all stock transaction is valued at $450 million, subject to adjustments for net debt, transaction expenses and earn-out consideration. There are customary closing conditions, including regulatory and stockholder approvals. Kane Kessler attorneys involved in the transaction were Robert Lawrence, Aris Haigian, Mitchell Hollander, Brendan McFeely, Peter Herman, Joseph Ventimiglia, Paul Szabo and Michael Wu.