Accel Issues Statement Regarding Clairvest’s Announced Lawsuit
When Clairvest invested in Accel, it agreed that if shareholders owning a majority of the companys outstanding shares elected to sell their stock, it would take all actions reasonably necessary to consummate the transaction.
Accel Entertainment, Inc. (“Accel” or the “Company”), a leading gaming-as-a-service provider, today issued the following statement in response to the lawsuit filed yesterday by Clairvest Group Inc. (TSX: CVG) related to the definitive transaction agreement the Company's shareholders entered into on June 13, 2019, with TPG Pace Holdings Corp. (“TPG Pace”) (NYSE: TPGH, TPGH.U, TPGH.WS), a special-purpose acquisition company sponsored by an affiliate of TPG:
“While we have not yet seen the complaint, we are disappointed that Clairvest has announced that it has chosen to sue one of its portfolio companies to block a transaction we believe it is contractually bound to support. When Clairvest invested in Accel, it agreed that if shareholders owning a majority of the company’s outstanding shares elected to sell their stock, it would take all actions reasonably necessary to consummate the transaction. Instead, it apparently has chosen for its own purposes to attempt to obstruct a sale that is strongly supported by a majority of shareholders and that provides shareholders with significant value and liquidity. Accel will vigorously defend against Clairvest’s claims and will seek to enforce Clairvest’s contractual obligations.”
About Accel Entertainment
Accel Entertainment is the largest terminal operator of slot machines and amusement equipment in the Illinois video gaming market. Starting in October 2012, Accel Entertainment has been dedicated to providing top of the line care and service to over 1,700 locations and customers across the state.
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