The shareholders of a special-purpose acquisition company (SPAC) have rejected a proposed acquisition of Archway Marketing Services Inc., a marketing company owned by an Atlanta private equity fund.
Union Street Acquisition Corp. announced Monday evening that its shareholders rejected a plan to buy Archway for $80.3 million; Union Street shareholders also voted down the proposed acquisition of Razor Business Strategy Consultants LLC in a separate transaction.
Archway is owned by AHL Services Inc. AHL’s primary investor is Cravey, Green & Wahlen, an Atlanta private equity fund. Alston & Bird partner Teri McMahon had been advising Cravey, Green & Wahlen on the proposed sale of Archway.
Union Street said in a regulatory filing that, as a result of the vote, it will begin the “process of liquidating and dissolving itself in accordance with its charter and applicable law. … As a result, [Union Street] expects that the amounts held in its trust account, together with interest … will be returned to the Company’s public stockholders.”