Clairvest files lawsuit to block merger of Accel with TPG SPAC
Clairvest Group has filed a lawsuit in a U.S. court to block the proposed merger of portfolio company Accel Entertainment Inc with TPG Pace Holdings Corp, a special purpose acquisition company (SPAC). The deal, announced in June, would result in a combined entity with an expected initial value of about US$884 million, TPG Pace said. Clairvest described the merger as an "improper action" by Accel that also violates its shareholder approval rights and does not constitute a "valid drag-along sale in accordance with Accel’s charter." In 2016, Clairvest acquired a minority stake in Accel, a Bolingbrook, Illinois-based video gaming terminal operator, investing US$32.5 million. TPG Pace is sponsored by an affiliate of U.S. private equity firm TPG.
