Dave & Buster’s Announces Expiration of HSR Waiting Period to Acquire Main Event
May 19 2022 - 8:00AM
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY), (the
“Company"), announced today that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
applicable to the Company’s pending acquisition of Main Event from
owners Ardent Leisure Group and RedBird Capital Partners
expired at 11:59 p.m. Eastern Time, on May 18, 2022.
The acquisition remains subject to the
satisfaction or waiver of other conditions, including approval by
the shareholders of Ardent Leisure Group (ASX: ALG).
About Dave &
Buster’s Entertainment, Inc.
Founded in 1982 and headquartered
in Coppell, Texas, Dave & Buster’s Entertainment,
Inc., is the owner and operator of 146 venues in North
America that combine entertainment and dining and offer
customers the opportunity to “Eat Drink Play and Watch,” all in one
location. Dave & Buster’s offers a full menu of entrées and
appetizers, a complete selection of alcoholic and non-alcoholic
beverages, and an extensive assortment of entertainment attractions
centered around playing games and watching live sports and other
televised events. Dave & Buster’s currently has stores in
41 states, Puerto Rico, and Canada.
About Main Event
Founded in 1998, Dallas-based Main Event
operates 50 centers in 17 states across the country. Main Event
offers the most fun under one roof with state-of-the-art bowling,
laser tag, hundreds of arcade games and virtual reality, making it
the perfect place for families, young adults and groups of all ages
to connect and make memories. Main Event is a premier sponsor of
Special Olympics International, supporting via fundraising and
serving as a venue for Special Olympics events nationwide. Main
Event also is a proud partner of the Dallas Cowboys. For more
information, visit mainevent.com
About Ardent Leisure Group
Ardent Leisure (ASX: ALG) is one of Australia’s
most successful leisure and entertainment groups. The owners and
operators of premium leisure assets including Dreamworld,
WhiteWater World & SkyPoint theme parks and attractions, as
well as Main Event, which is a growing portfolio of family
entertainment assets in the United States. Ardent Leisure’s
businesses occupy dominant positions in affordable,
family-friendly, leisure and entertainment categories. As a group,
Ardent Leisure has well over 3 million customers annually and has
developed extensive communication opportunities to interact and
transact with these customers. For more information, visit
www.ardentleisure.com.
About RedBird Capital
Partners
RedBird Capital Partners is a private investment
firm focused on building high-growth companies alongside
entrepreneurs in its four areas of domain expertise: sports, media,
consumer and financial services. Founded by former Goldman Sachs
Partner Gerry Cardinale in 2014, RedBird today manages over $6
billion of capital on behalf of a highly curated group of blue-chip
global institutional and family office investors. RedBird’s network
of entrepreneurs is central to its investment sourcing and
company-building strategy that helps founders achieve their
business objectives and long-term vision. Since inception, RedBird
has invested in over 30 platform companies and 80 add on
acquisitions with total enterprise value exceeding $30 billion,
including its interest in Main Event. For more information, please
go to www.redbirdcap.com.
Forward-Looking Statements
The Company cautions that this release contains
forward-looking statements, including, without limitation,
statements relating to the impact on our business and operations of
the coronavirus pandemic and our pending acquisition of Main Event
(the “Acquisition”). These forward-looking statements involve risks
and uncertainties and, consequently, could be affected by the
uncertain and unprecedented impact of the pandemic and new
coronavirus variants on our business and operations and the related
impact on our liquidity needs; our ability to continue as a going
concern; our ability to consummate the Acquisition on terms
favorable to us or at all; our ability to realize the expected
benefits of the Acquisition: the possibility that shareholders of
Main Event may not approve the merger agreement; the risk that a
condition to closing of the Acquisition may not be satisfied, that
either party may terminate the merger agreement or that the closing
of the Acquisition might be delayed or not occur at all; potential
adverse reactions or changes to business or employee relationships,
including those resulting from the announcement or completion of
the Acquisition; the diversion of management time on
transaction-related issues; the ultimate timing, outcome and
results of integrating the operations of the Company and Main
Event; the effects of the Acquisition, including the combined
company's future financial condition, results of operations,
strategy and plans; the ability of the combined company to realize
anticipated synergies in the timeframe expected or at all; changes
in capital markets and the ability of the combined company to
finance the Acquisition and go-forward operations in the manner
expected; the fact that operating costs and business disruption may
be greater than expected following the public announcement or
consummation of the proposed transaction; our ability to obtain
waivers, and thereafter continue to satisfy covenant requirements,
under our revolving credit facility; our ability to access other
funding sources; the implementation and duration of
government-mandated and voluntary shutdowns and restrictions; the
speed with which our stores safely can be reopened and fully
operated and the level of customer demand following reopening and
full operations; the economic impact of the pandemic and related
disruptions on the communities we serve; our overall level of
indebtedness; general business and economic conditions, including
as a result of the pandemic; the impact of competition; the
seasonality of the Company’s business; adverse weather conditions;
future commodity prices; guest and employee complaints and
litigation; fuel and utility costs; labor costs and availability;
changes in consumer and corporate spending, including as a result
of the pandemic; changes in demographic trends; changes in
governmental regulations; unfavorable publicity, our ability to
open new stores, and acts of God. Accordingly, actual results may
differ materially from the forward-looking statements, and the
Company therefore cautions you against relying on such
forward-looking statements. Dave & Buster’s intends these
forward-looking statements to speak only as of the time of this
release and does not undertake to update or revise them as more
appropriate information becomes available, except as required by
law.
For Investor Relations Inquiries:Michael Quartieri, SVP &
Chief Financial OfficerDave & Buster’s Entertainment,
Inc.(972) 813-1151michael.quartieri@daveandbusters.com
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