LEGACY ACQUISITION CORP. ANNOUNCES PRELIMINARY RESULTS OF CASH TENDER OFFER FOR ITS CLASS A COMMON STOCK

Rhea-AI Summary

Legacy Acquisition Corp. (NYSE: LGC) reported preliminary results of its tender offer to buy up to 6,122,699 Class A common stock shares at $10.5040 each. The tender offer, which expired on November 19, 2020, saw 5,153,781 shares (84.1750%) tendered. Legacy intends to accept all validly tendered shares, with a total consideration of approximately $54.14 million. This tender offer is part of a business combination with Onyx Enterprises. Legacy, formed to undertake mergers and acquisitions, emphasizes support for under-represented business leaders.

Positive

• 84.1750% of outstanding Public Shares were validly tendered, indicating strong support for the tender offer.
• Total consideration of approximately $54.14 million will be paid to shareholders, reflecting liquidity.
• The transaction aligns with Legacy's goal to support underrepresented leaders in business.

Negative

• Certain holders have expressed interest in withdrawing their tendered shares, potentially affecting total share acceptance.
• The press release highlights significant risks and uncertainties surrounding the completion of the business combination.

New York, NY, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Legacy Acquisition Corp. (NYSE: “LGC”) (“Legacy”), a publicly-traded Special Purpose Acquisition Company, announced today the preliminary results of its previously announced tender offer to purchase up to all 6,122,699 issued and outstanding shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), that were initially issued as part of units in Legacy’s initial public offering (such shares of Class A Common Stock, the “Public Shares”), at a purchase price of $10.5040 per Public Share, net to the seller in cash, without interest (the “Tender Offer”). The Tender Offer was made in connection with the previously announced business combination (the “Business Combination”) with Onyx Enterprises Int’l, Corp., a New Jersey corporation (“Onyx”), pursuant to the Business Combination Agreement (the “Business Combination Agreement”), dated September 18, 2020, by and among Legacy, Excel Merger Sub I, Inc., Excel Merger Sub II, LLC, Onyx and Shareholder Representative Services LLC.

The Tender Offer expired at 12:01 a.m. New York City time, on Thursday, November 19, 2020 (the “Expiration Time”). As of the Expiration Time, 5,153,781 or 84.1750% of the outstanding Public Shares had been validly tendered and not withdrawn in the Tender Offer. Legacy will accept for purchase all of the Public Shares validly tendered and delivered in the Tender Offer at or prior to the Expiration Time. However, certain holders have indicated an interest in withdrawing a number of their validly tendered Public Shares and Legacy intends to allow for any such withdrawals. Total consideration of $54,135,315.62 (as may be subsequently adjusted to account for such withdrawals) will be paid to the tendering Public Shares holders promptly following the closing of the Business Combination.

About Legacy Acquisition Corp.

Legacy raised $300 million in November 2017 and its securities are listed on the New York Stock Exchange (“NYSE”). At the time of its listing, Legacy was the only Special Purpose Acquisition Company on the NYSE led predominantly by African American managers and sponsor investors. Legacy was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. Legacy is sponsored by a team of proven leaders primarily comprised of former Procter & Gamble executives and is supported by a founder/shareholder group of proven operationally based value builders. These executives have extensive experience in building brands and transforming businesses for accelerated growth. Legacy’s founders and management expectation is that Legacy will serve as a role model for African Americans and other under-represented business leaders to achieve success not just in the executive ranks of large Corporations, but also as entrepreneurs in the productive use of capital through mergers and acquisitions on Wall Street. For more information please visit www.LegacyAcquisition.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including the statements regarding Legacy’s intention to allow withdrawals. Legacy’s and Onyx’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “propose,” “plan,” “contemplate,” “may,” “will,” “might,” “shall,” “would,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “positioned,” “goal,” “conditional,” “opportunities” and similar expressions are intended to identify such forward-looking statements. 

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Legacy’s and Onyx’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement, (2) the outcome of any legal proceedings that may be instituted against Legacy and other transaction parties following the announcement of the Business Combination Agreement and the transactions contemplated therein; (3) the inability to complete the proposed Business Combination, including due to the inability to satisfy conditions to closing in the Business Combination Agreement; (4) the occurrence of any event, change or other circumstance that could otherwise cause the Business Combination to fail to close; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the proposed Business Combination; (6) the inability to obtain or maintain the listing of the post-acquisition company’s Class A common stock on the NYSE (or such other nationally recognized stock exchange on which shares of the post-acquisition company’s Class A common stock are then listed) following the proposed Business Combination; (7) the risk that the proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the proposed Business Combination; (8) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to operate cohesively as a standalone group, grow and manage growth profitably and retain its key employees; (9) costs related to the proposed Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Onyx or the combined company may be adversely affected by other economic, business, and/or competitive factors; (12) the aggregate number of Legacy shares tendered in the tender offer by the holders of Legacy’s Class A common stock in connection with the proposed Business Combination; (13) disruptions in the economy or business operations of Onyx or its suppliers due to the impact of COVID-19; (14) the outcome of pending legal proceedings with certain Onyx stockholders; (15) potential adjustments to the unaudited non-GAAP interim financial results of Onyx; and (16) other risks and uncertainties indicated from time to time in the information statement relating to the proposed Business Combination, including those under “Risk Factors” therein, and in Legacy’s other filings with the SEC, including the Definitive Information Statement on Schedule 14C and the Schedule TO that were filed with the SEC in connection with the Business Combination. Legacy cautions that the foregoing list of factors is not exclusive. Legacy cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Legacy does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Legacy/Investors:
Dawn Francfort / Brendon Frey
ICR
PARTSiDIR@icrinc.com

Media:
Keil Decker
ICR
PARTSiDPR@icrinc.com

FAQ

What were the results of Legacy Acquisition Corp.'s tender offer for LGC shares?

Legacy Acquisition Corp. reported that 84.1750% of its Class A common stock shares were tendered in its offer.

What price did Legacy offer for its Class A common stock shares?

Legacy offered $10.5040 per Class A common stock share in its tender offer.

When did the tender offer for LGC shares expire?

The tender offer expired on November 19, 2020, at 12:01 a.m. New York City time.

What is the total consideration for the tender offer by Legacy Acquisition Corp.?

The total consideration for the tender offer is approximately $54.14 million.

What is the purpose of Legacy's business combination with Onyx Enterprises?

The business combination aims to facilitate growth and support under-represented business leaders in the market.