MDH - Vehicle protection plan provider Olive.com SPAC MDH scrap merger deal

SPAC MDH Acquisition Corp. (MDH) and Olive.com have decided to terminate their planned merger, a deal that would have made the vehicle protection plan provider a publicly traded company. In a release dated Monday night, Olive said both companies decided the best long-term strategy was to terminate the agreement. Shares of MDH were trading largely flat at $9.78 at 1:00 p.m. ET on Tuesday. MDH and Olive announced plans to merge in July 2021 through a deal that gave the combined company, to be called Olive Ventures, an initial enterprise value of around $960M.  The deal also included payment service PayLink Direct, an Olive affiliate. Backers included Fortress Investment Group and Milestone Partners. Olive.com is a provider of vehicle protection plans. Its unit PayLink Direct specializes in interest-free payment programs and transaction processing for service contracts involving cars, trucks, RVs and other vehicles. For more SPAC news, check out SA's SPAC News

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Vehicle protection plan provider Olive.com, SPAC MDH scrap merger deal