Better Collective A/S (OM:BETCO) completed the acquisition of Playmaker Capital Inc. from a group of shareholders.
The Transaction is to be effected by way of a court-approved plan of arrangement and is expected to close in the first quarter of 2024, subject to receipt of 66 2/3% of the votes cast by Playmaker shareholders and court approvals, a required regulatory approval and customary closing conditions. Completion of the Transaction is not subject to any financing condition. Playmaker?s board of directors has unanimously concluded that the Transaction is in the best interests of Playmaker and recommends that Playmaker shareholders vote in favor of the Transaction. Playmaker shareholders representing approximately 50% of Playmaker?s issued and outstanding common shares, including several of Playmaker?s largest shareholders and each of the Company?s directors and named executive officers, have entered into a voting support agreement pursuant to which each has committed to vote in favour of the Transaction. The transaction is subject to other customary closing conditions, including the approval of certain U.S. gaming authorities and approval under the Investment Canada Act. As of January 22, 2024, Playmaker Capital shareholders approved the transaction. The transaction is expected to close in early February. As of January 31, 2024, Playmaker Capital has received approval from the Minister of Canadian Heritage under the Investment Canada Act. Playmaker is also pleased to announce that the Ontario Superior Court (Commercial List) issued a final order approving the Arrangement on January 24, 2024. Following receipt of Heritage Approval and the Final Order, all conditions to closing of the Arrangement have been satisfied or waived, save for those conditions to be satisfied as part of the closing process. The Arrangement is expected to close on February 6, 2024.
Canaccord Genuity Corp. acted as independent financial advisor to Playmaker?s board of directors and also delivered a fairness opinion to Playmaker?s board of directors. Oakvale Capital LLP is acting as financial advisor and Brandon Hoffman of Goodmans LLP is acting as legal advisor to Playmaker in connection with the Transaction. Moelis & Company LLC are acting as exclusive financial advisor, Mario Nigro and John Lee of Stikeman Elliott LLP, BechBruun Law Firm P/S and Greenberg Traurig LLP are acting as legal advisors and PriceWaterhouseCoopers acted as accounting and tax advisor to Better Collective in connection with the transaction. Odyssey Trust Company acted as depositary to Better Collective.
Better Collective A/S (OM:BETCO) completed the acquisition of Playmaker Capital Inc. (TSXV:PMKR) from a group of shareholders on February 6, 2024.