© 2014 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(January 17) – Chuck E. Cheese’s is about to receive infinity prizes worth of coins when its Irving-based parent company, CEC Entertainment, Inc. gets acquired by Apollo Global Management, LLC for $1.3 billion.
The global private equity firm announced its new acquisition Thursday. When the deal closes, Apollo will operate 577 Chuck E. Cheese’s stores.
Weil, Gotshal & Manges is representing CEC in the deal, with Dallas corporate partner D. Gilbert “Gil” Friedlander as the lead attorney. Other attorneys on Weil’s corporate team include New York partner Raymond Gietz and Dallas associates Jennifer Seymour, Ryan Gorsche, Dilen Kumar and Colby McKenzie.
Several other Weil Dallas attorneys are also assisting: finance partner Courtney Marcus and associate Benton Lewis; tax partner Jared Rusman and associate Mark Dundon and corporate governance partner P.J. Himelfarb. Additional attorneys from Weil’s New York office are also involved, as well as attorneys from the firm’s Silicon Valley and Washington, D.C. offices.
New York firms Wachtell, Lipton, Rosen & Katz and Paul, Weiss, Rifkind, Wharton & Garrison are advising Apollo in the deal.
The merger agreement follows a thorough review of strategic alternatives undertaken by the CEC Board of Directors to maximize shareholder value.
The transaction will be implemented through a cash tender offer at $54 per share. Under the terms of the agreement, CEC may solicit superior proposals from limited third parties until Jan. 29.
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