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Investor Alert

Aug. 10, 2022, 7:14 a.m. EDT

Redbox says merger deal with Chicken Soup approved by shareholders and may close Thursday

Redbox Entertainment Inc. disclosed in a Wednesday morning filing that shareholders voted to approve its merger with Chicken Soup for the Soul Entertainment Inc. (NAS:CSSE) . The vote took place Tuesday and saw 39.5 million votes for the deal, as well as 1.3 million votes against the combination. Redbox expects that "the closing of the transactions contemplated by the merger agreement...may occur on August 11, 2022," pending the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Both companies filed NSR forms on July 11 and expect that the 30-day waiting period will expire at the end of the day on Aug. 10 "unless terminated earlier or otherwise extended." Redbox agreed in May to be acquired by Chicken Soup in a deal that would give shareholders of Redbox 0.087 shares of Chicken Soup for each Redbox share. Shares of Chicken Soup closed Tuesday at $11.35, thus implying a deal value of about 99 cents for Redbox shares. Redbox's stock, however, closed Tuesday at $3.50.

Link to MarketWatch's Slice.