Landcadia Holdings II to hold shareholder vote on Golden Nugget takeover

Special purpose acquisition company (SPAC) Landcadia Holdings II is finally set to hold a shareholder vote on its proposed takeover of Golden Nugget Online Gaming (GNOG).

Shareholders are preparing to hold a special virtual meeting on December 18 to approve the takeover, which will see GNOG go public on Nasdaq.

Golden Nugget’s parent company Landry agreed to the $745m sale of the igaming business in June 2020, with Landcadia Holdings II acquiring GNOG in a deal worth 6.1x the operator’s revenue valuation.

The meeting will also see the members of GNOG’s new board of directors elected, as well as the ratification of Marcum LLP as the group’s independent public accounting firm for the fiscal year.

Each new board member will serve a one-year term commencing at the closing of the transaction.

Landcadia Holdings II confirmed it expects Golden Nugget’s SVP and general manager for online gaming, Thomas Winter, to stay on with the group as president.

The SPAC also expects Michael Harwell to remain in his position as GNOG CFO.

Current GNOG senior director of product and operations Warren Steven is expected to transition to VP of product and operations following the closing of the transaction.

In the unlikely event that the transaction is not approved, Landcadia Holdings II noted the company would dissolve and liquidate its trust account should it not “consummate a business combination by May 9, 2021.”