Fintech Firm Apex Clearing Agrees to Go Public Via SPAC wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
Feb 8 (Reuters) - Matterport Inc, which makes makes 3D cameras for virtual tours of real estate, will go public through a merger with a blank-check firm backed by billionaire Alec Gores in a deal that values the combined entity at $2.9 billion, the companies said on Monday.
The deal with Gores Holdings VI Inc is expected to provide $640 million in proceeds to Matterport, including a private investment of $295 million from investors Tiger Global Management, Dragoneer Investment Group and Fidelity Management & Research Co.
The COVID-19 pandemic caused a spike in demand for Matterport’s products, as people stayed at home and preferred virtual property tours.
Billionaire Alec Gores plans to take Matterport public in $2 9 billion blank check merger bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
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Opposition is mounting to an offer by Cerberus Capital Management and the controlling shareholders of Dorel Industries Inc. to take the company private as the clock ticks down to a scheduled vote on the proposed deal next week.
In a report published Monday, proxy advisory firm Institutional Shareholder Services (ISS) urges Dorel investors to vote against the proposed transaction, saying the future prospects for the manufacturer of bicycles and baby products outweigh the $16-a-share price they’re being offered to sell.