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Landcadia III (LCY) Shareholders Approve Hillman Group Deal
by Marlena Haddad on 2021-07-13 at 5:35pm

Landcadia Holdings III, Inc.  (NASDAQ:LCY) announced in an 8-K filing that its shareholders approved its combination with hardware and home improvement company Hillman Group in a meeting earlier this morning.

At the meeting, a total of 51,513,752, or 82.42%, of the company’s issued and outstanding shares were present.  The business combination received 51,503,549 votes in favor of the transaction, with just 2,573 votes against it.

Landcadia III pre-announced yesterday that there were no redemptions in connection with the business combination. Although press releases for SPACs do not typically mention redemptions, it is likely the company figured it would be best to make this announcement so the market does not make any assumptions ahead of the closing.  Just yesterday, Wheels Up had to waive the minimal cash in trust amount for its SPAC deal with Aspirational Consumer Lifestyle Corp. due to the heavy amount of redemptions.

Hillman’s existing investors are expected to hold 49% of the combined entity’s equity, with Landcadia III shareholders taking 26%.

The filing did not include a timeline on the transaction’s close, but it is likely to be completed shortly. The combined company is then expected to trade on the Nasdaq under the symbol, “HLMN.”

The parties initially announced the $2.6 billion deal on January 25. Cincinnati-based Hillman sells hardware and tools online as well as through about 40,000 retailers.

Although the transaction was approved unanimously, certain advisory charter proposals received pushback, but were ultimately passed.  For a full list of proposals and vote talliesclick HERE.


ADVISORS

  • Barclays and Jefferies are acting as financial advisors to Hillman.
  • Ropes & Gray LLP is acting as legal advisor to Hillman.
  • Jefferies is acting as capital markets advisor to Landcadia III.
  • White & Case LLP is acting as legal advisor to Landcadia III.
  • Jefferies and Barclays are acting as placement agents for the PIPE.

 

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