The cachet of Terry Pegula, owner of the National Football League's Buffalo Bills, is such that even after his blank-check company returned the bulk of its cash to shareholders, it's still an attractive deal partner.
Abacus Life is pushing ahead with a merger with Pegula's East Resources Acquisition despite the fact that 92% of shareholders in the SPAC have swapped their stock for their money back, Bloomberg notes. The remaining shareholders are likely to vote in favor of the deal with Abacus Settlements and Longevity Market Assets tomorrow, June 29.
While the smaller amount of shares available for trading may cause Abacus to be volatile and will bring in less cash, at a time when many de-spacs are tanking, it's not a big enough concern to deter the life insurance asset manager. That's because a pact with Pegula's SPAC would raise awareness around the company, said Abacus's chief executive Jay Jackson.
“To be able to secure an investor with the resources and experience in alternative assets and wealth management investment provides us a pretty significant opportunity,” Jackson said. Read more.