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Churchill Capital Corp III (NYSE: CCXX) reported over $1 billion remaining in trust following the redemption deadline for its merger with Polaris Parent Corp., parent of MultiPlan, Inc. The total capital for the business combination is projected at $3.6 billion due to additional financing commitments of approximately $2.6 billion. The business combination is expected to close on October 8, 2020, pending stockholder approval. Stockholders are encouraged to vote 'FOR' the proposal at the upcoming special meeting on September 14, 2020.
On October 5, 2020, Churchill Capital Corp III (NYSE: CCXX) announced that MultiPlan, Inc. is initiating a refinancing for its 7.125% Senior Notes due 2024. This move aims to lower annual interest expenses and enhance liquidity. MultiPlan is reconfirming its 2020 outlook based on better-than-expected revenue performance in July and August. The business combination with MultiPlan is set to close on October 8, 2020, with significant shareholder support. Churchill III has secured approximately $290 million in non-redemption commitments and $2.6 billion in financing commitments.
Churchill Capital Corp III (NYSE: CCXX) announced a special meeting for stockholders on October 7, 2020, to approve its merger with MultiPlan, Inc. The business combination is expected to close on October 8, 2020, pending stockholder approval. Approximately 41% of outstanding shares have committed to vote in favor, with additional support from MultiPlan affiliates. Churchill has secured around $2.9 billion in funding from investors, fulfilling cash conditions for closing. Stockholders as of September 14, 2020, can vote at the meeting.
Churchill Capital Corp III (NYSE: CCXX) filed a definitive proxy statement with the SEC for its upcoming special stockholder meeting on October 7, 2020, to vote on merging with Polaris Parent Corp., the parent company of MultiPlan, Inc. Holders of common stock as of September 14, 2020, can vote. The board recommends approval and 41% of stockholders have committed to support the merger. The transaction is expected to finalize on or around October 8, 2020, pending shareholder approval and closing conditions.
Churchill Capital Corp III (NYSE: CCXX) announced a definitive merger agreement with MultiPlan, Inc., valuing the combined entity at approximately $11 billion, equating to 12.9x estimated 2021 Adjusted EBITDA. The deal aims to provide MultiPlan with up to $3.7 billion in new capital to reduce debt and enhance services. MultiPlan will maintain its focus on healthcare cost management, servicing over 700 payers and improving access to its data analytics platform. The transaction is expected to complete by the end of October 2020, pending stockholder approval.