August 19, 2022

Springswines

The Tour And Travel Enthusiasts

HotelPlanner.com SPAC Merger Called Off

1 min read
HotelPlanner.com SPAC Merger Called Off

HotelPlanner.com and the special purpose acquisition company with which it planned to merge as a method of going public have canceled the proposed merger by mutual consent, the companies announced Monday. 

HotelPlanner.com, the parent company of Meetings.com, in August 2021 announced it would go public via a merger with online travel agency Reservations.com and SPAC Astrea Acquisition Corp. Instead, the companies “have mutually agreed to terminate their previously announced business combination agreement,” they announced in a joint statement. 

A special meeting of Astrea stockholders that had been scheduled for Tuesday concerning the would-be merger has been canceled, Astrea noted in a Monday filing with the U.S. Securities and Exchange Commission. 

“All three companies believe that terminating the business combination is the best path forward for all parties,” according to the companies’ statement, which offered no further detail.

HotelPlanner.com launched in 2004 and provides both online group and individual hotel bookings. Meetings.com, acquired in 2013, focuses on business travel and targets corporate event planners booking meeting space and hotel rooms. Reservations.com was founded in 2014 and offers deals to both leisure and business travelers.