The Latest SPAC News and Rumors: April 25, 2022
by Marlena Haddad on 2022-04-25 at 11:48am

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Bed Bath & Beyond draws interest from Tailwind SPAC, Swvl buys Turkish transit firm, and crypto platform investors sue SPAC execs over accounting


Bed Bath & Beyond Stock Jumps on Report Company Received Bids for BuyBuy Baby Unit

Bed Bath & Beyond’s (NASDAQ:BBY) shares jumped Friday on news that the company is considering offers to buy its BuyBuy Baby business.

Shares closed Friday at $17.46, up 6.85%. The news was reported by The Wall Street Journal, which cited unnamed sources. According to the report, private equity firm Cerberus Capital Management and Tailwind Acquisition, which originally announced a business combination with risk analytics firm QOMPLX before terminating the deal, are among the companies interested in the baby apparel and supplies retailer.

The home goods retailer recently struck a deal with activist investor Ryan Cohen, chair of GameStop and co-founder of Chewy, who owns a stake in the company through his firm RC Ventures. As part of the deal, Bed Bath agreed to do a strategic review of BuyBuy Baby, one of the bright spots of the company’s business. It also agreed to add three new directors to its board as part of the truce.

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Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree

Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.

The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.

Ride-sharing startup Swvl made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.

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Crypto Platform Investors Sue SPAC Execs Over Accounting

Shareholders in cryptocurrency platform Bakkt Holdings Inc (NYSE:BKKT) sued the investment managers who took the company public via a blank check company, alleging they misled investors by improperly classifying shares.

An investor filed the lawsuit in Brooklyn on Thursday against Bakkt and five individuals associated with Chicago-based Victory Park Capital Advisors. The Chicago-based investment manager sponsored the special purpose acquisition company that took the company public last year in a deal that valued Bakkt at $2.1 billion.

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