SPAC scraps $380M TGI Friday's deal
April 8, 2020Citing the financial impact of the coronavirus outbreak, special-purpose acquisition company Allegro Merger and TGI Friday's have mutually agreed to cancel a deal in which TriArtisan Capital Advisors and Sentinel Capital Partners would have sold the restaurant chain to Allegro for $380 million. TriArtisan and Sentinel Capital acquired the Texas-based company in a 2014 deal reportedly worth more than $800 million.
SPACs are dominating the IPO scene—and some investors believe a recession could lead to more of them.