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<ul class="summary-list"><li>A merger deal between <keyword id="14091225" type="UNKNOWN" weightage="60" keywordseo="seatgeek" source="Orion">SeatGeek</keyword> and the <keyword id="11908250" type="UNKNOWN" weightage="60" keywordseo="spac" source="Orion">SPAC</keyword> run in part by famed baseball manager Billy Beane has been terminated.</li><li>SeatGeek and <keyword id="14091224" type="UNKNOWN" weightage="60" keywordseo="redball-acquisition" source="Orion">RedBall Acquisition</keyword> cited market volatility as a reason for ending the agreement. </li></ul>A merger deal between <a href="https://markets.businessinsider.com/stocks/rbac-stock?utm_medium=ingest&amp;utm_source=markets">RedBall Acquisition</a>, a special acquisition purpose company led in part by Oakland A's executive Billy Beane, and ticket platform SeatGeek has ended, the companies said Wednesday. "[Given] current market conditions, it was mutually determined that the best option for all parties at this time is for SeatGeek to remain private," Andy Gordon, a partner at investment firm RedBird Capital, said on behalf of RedBall <a href="https://www.globenewswire.com/en/news-release/2022/06/01/2454285/0/en/RedBall-Acquisition-Corp-and-SeatGeek-Inc-Mutually-Agree-to-Terminate-Business-Combination-Agreement-due-to-Unfavorable-Market-Conditions.html">in a statement</a>.The SPAC <a href="https://markets.businessinsider.com/news/stocks/billy-beane-redball-spac-talks-merge-seat-geek-moneyball-tickets-2021-10">said in October</a> it was in talks with SeatGeek about a potential deal. RedBall shares were up 6% during Wednesday's session, trading near $10. "Unfavorable" market conditions are "particularly impacting growth technology companies," the companies said Wednesday. SPACs, or special purpose acquisition companies, usually merge with high-growth tech companies aiming to avoid the traditional IPO process.The RedBall termination comes at a time when the broader stock market has been rocked lower by recession fears and a fast pickup in bond yields. Tech stocks as measured by the Nasdaq Composite have tumbled more than 20% this year, hitting bear-market territory, as increased borrowing costs hurt earnings potential. Meanwhile, the boom in SPACs in 2020 and 2021 has slowed this year in the face of <a href="https://markets.businessinsider.com/news/stocks/sec-spac-rules-disclosures-ipo-regulation-blank-check-companies-proposal-2022-3">increased scrutiny by the Securities and Exchange Commission</a>. There have been 67 SPAC initial public offerings in 2022, down from 613 in 2021 and 248 in 2020, <a href="https://www.spacresearch.com/">according to SPAC Research</a>.

SPAC volatility forces SeatGeek and Billy Beane of 'Moneyball' fame to shelve merger plans as the boom in blank-check deals fades

<ul class="summary-list"><li>RedBall Acquisition said is in talks with SeatGeek about a potential business combination. </li><li>RedBall Acquisition is a sports-industry-focused SPAC led in part by Oakland A's exec Billy Beane.</li></ul><a href="https://markets.businessinsider.com/stocks/rbac-stock">RedBall Acquisition</a>, a special acquisition purpose company led in part by Oakland A's executive Billy Beane, is in talks about a deal to combine with ticket platform SeatGeek. RedBall's <a href="https://www.globenewswire.com/news-release/2021/10/08/2311364/0/en/RedBall-Acquisition-Corp-Confirms-it-is-in-Discussions.html">statement on Friday</a> confirmed an <a href="https://www.bloomberg.com/news/articles/2021-10-08/billy-beane-s-redball-spac-said-to-near-deal-with-seatgeek?sref=GUP2BhaG">earlier report by Bloomberg</a> about discussions taking place between the SPAC focused on the sports industry and the privately held company whose search engine is used to find and buy tickets for sports events and concerts. Shares of RedBall Acquisition were halted Friday afternoon pending a statement. The stock this year has lost about 9%. A deal, if reached, could be announced as earlier as this week, Bloomberg reported, citing an unnamed source familiar with the matter. "There is no assurance that a definitive agreement will be signed," said RedBall about its discussions with SeatGeek about a "possible" business combination. No potential terms were included in RedBall's statement. RedBall, whose August 2020 IPO raised $575 million, had reportedly been in talks earlier this year to acquire a minority stake in Fenway Sports Group but the discussions ended. Fenway Sports Group runs the Boston Red Sox baseball team and Liverpool Football Club, a soccer team that's part of England's Premier League. RedBall's management team includes Beane, whose use of analytical data to hire new players for the Oakland A's slim budget is chronicled in Michael Lewis' 2003 book "Moneyball" about baseball economics. The book was later turned into a 2011 movie starring Brad Pitt as Beane.RedBall is also run by Gerald Cardinale, who after 20 years as a partner at Goldman Sachs founded investment firm RedBird. He also co-created the Yankees Entertainment &amp; Sports Network, or YES.

A SPAC run by Billy Beane of 'Moneyball' fame is in talks to merge with SeatGeek

Hola, Aaron Weinman here. Let's talk about SPACs.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/better-ex-coo-says-pushed-out-ceo-vishal-garg-lawsuit-2022-6"></a>1. SPACs are sputtering. More than 10% of companies that merged with SPACs in 2020 and 2021 reckon they'll go bust. Nineteen firms have canceled SPAC mergers this year.Investors are more discerning over where they park their cash, and regulators are sharpening their pencils on how SPAC targets go public, leading banks to spurn them.Take the SoftBank-banked mortgage lender Better.com. It's <a href="https://www.businessinsider.com/better-announces-voluntary-layoffs-to-all-remaining-employees-2022-4">laid off so many thousands of staff</a> in the last five months, you'd be forgiven for thinking you were <a href="https://www.youtube.com/watch?v=mae3X3l9mI0">watching Ari Gold</a> of "Entourage" fame.Now, Sarah Pierce, Better's former executive VP for sales and operations, alleged in a lawsuit that Better deceived investors to keep them onboard a merger with Aurora Acquisition, a SPAC sponsored by Novator Capital. (Better said the claims are without merit.) SeatGeek is another casualty of the downturn. Seatgeek and RedBall, a SPAC led by former Goldman Sachs partner Gerry Cardinale and "Moneyball's" Billy Beane, "<a href="https://www.globenewswire.com/news-release/2022/06/01/2454285/0/en/RedBall-Acquisition-Corp-and-SeatGeek-Inc-Mutually-Agree-to-Terminate-Business-Combination-Agreement-due-to-Unfavorable-Market-Conditions.html">mutually agreed</a>" to kill a merger last week due to market conditions. But people on the inside said neither were willing to compromise on a revised company valuation or amend the "sponsor promote."The "promote" is a lucrative fee for the SPAC sponsor after it seals a merger. Sponsors are reluctant to reduce what they earn on their "promotes," which usually amounts to a fifth of a SPAC's stock, one person said.With SPACs on the fritz, bankers are fine-tuning their résumés."Layoffs are coming," one banker told Insider. "Pipelines are down. Companies are pushing plans out to 2023."<a href="https://www.businessinsider.com/better-ex-coo-says-pushed-out-ceo-vishal-garg-lawsuit-2022-6">Here's the latest on Better's lawsuit</a><a href="https://www.businessinsider.com/better-ex-coo-says-pushed-out-ceo-vishal-garg-lawsuit-2022-6">.</a> And for more on SPACs gone awry, <a href="https://www.businessinsider.com/softbank-view-inc-rao-mulpuri-spac-investigation-2022-6">check out this dive into the SPAC era's worst-ever deal.</a>In other news:<a href="https://www.businessinsider.com/junior-investment-bankers-losing-power-control-wall-street-economic-downturn-2022-6"></a><div type="image" title="Man wearing stuff holding onto cliff edge" height="4723" width="6297" msid="92106494" hostid="261"></div>2. Wall Street's minions are losing power. Since the pandemic hit and bankers retreated home, the junior staff were showered with raises and perks like Pelotons. But the slowdown in dealmaking could reverse some of the juniors' hard-fought victories. <a href="https://www.businessinsider.com/junior-investment-bankers-losing-power-control-wall-street-economic-downturn-2022-6">Here's how the recent decline has observers spooked</a>.3. State Street is planning a takeover of Credit Suisse, <a href="https://www.reuters.com/markets/deals/credit-suisse-shares-spike-reported-state-street-takeover-interest-2022-06-08/">as first reported by Inside Paradeplatz</a>. The Swiss bank's shares jumped after the report, a reversal of fortunes after warnings of a second-quarter loss. State Street declined to comment on the report, but some analysts say the deal is "<a href="https://www.fnlondon.com/articles/state-street-credit-suisse-deal-highly-unlikely-say-sceptical-analysts-20220608">highly unlikely</a>." 4. Cashed-up Coatue has got a wish list of stocks. Here's 13 tech names the hedge fund thinks have <a href="https://www.businessinsider.com/coatue-tech-stock-picks-bargains-tsla-amzn-pypl-2022-6">fallen victim to indiscriminate selling</a>.5. Goldman Sachs' tech execs are all about the "polycloud" approach. The bank's co-CIOs detailed Goldman's cloud strategy and <a href="https://www.businessinsider.com/goldman-sachs-tech-execs-detail-banks-public-cloud-polycloud-strategy-2022-6">compared being "cloud agnostic" to the Flat Earth theory</a>.6. Staying on Goldman, the Wall Street bank lost a chief saleswomen in its asset-management arm, according to Bloomberg. Heather Miner, who earned a partner title in 2018, <a href="https://www.bloomberg.com/news/articles/2022-06-08/goldman-loses-chief-saleswoman-at-asset-manager-to-buyout-firm?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220608&amp;utm_campaign=author_17510379&amp;sref=ipW5reFz">is joining private-equity shop Advent International</a>.7. The UK's Zopa is bustling into the BNPL space. After teasing out a potential IPO, the neobank's CEO also affirmed that <a href="https://www.businessinsider.com/zopa-ceo-spoke-at-money2020-about-its-market-services-2022-6">it's waiting for "the right moment" to go public</a>.8. JPMorgan's growth-equity arm invested in Codat's $100 million Series C round. The company constructs tech that connects fintechs with banks. <a href="https://www.businessinsider.com/jpmorgan-fintech-consumer-acquisitions-investments-competition-jamie-dimon">Here's an overview of JPMorgan's key fintech deals</a>.9. Decimal, an accounting fintech, raised $9 million in a seed round. Chief Executive Matt Tait told Insider that there's ample opportunity in "the boring stuff," when it comes to running a business. <a href="https://www.businessinsider.com/accounting-ops-fintech-decimal-pitch-deck-raise-9-million-seed-2022-6">Check out the 13-page pitch deck Decimal used to snare its latest funding</a>.10. Coinbase pulled back a number of job offers. Here's an essay from Ashutosh Ukey, a 23-year-old software engineer, who <a href="https://www.businessinsider.com/coinbase-rescind-job-offer-layoffs-hiring-freeze-work-visa-2022-6">spoke to Insider after having his offer from the crypto exchange withdrawn</a>.Done deals:<ul><li>The NFL's Denver Broncos has <a href="https://www.nytimes.com/2022/06/08/sports/football/denver-broncos-walton-penner-family-auction-sale.html?campaign_id=4&amp;emc=edit_dk_20220608&amp;instance_id=63492&amp;nl=dealbook&amp;regi_id=162318335&amp;segment_id=94536&amp;te=1&amp;user_id=0162ea8283becc84919a0c458649e40f">agreed to sell</a> the team to Rob Walton and members of the Walton and Penner families.</li><li>Yieldstreet, a digital alternative investor, has <a href="https://www.crowdfundinsider.com/2022/06/192067-yieldstreet-tops-100-million-in-structured-notes-sold-reveals-new-partnership-with-luma/">partnered with fintech platform Luma Financial Technologies</a></li></ul>Keep updated with the latest business news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: SPACs gone bad

Welcome to 10 Things Before the <keyword id="11907548" type="UNKNOWN" weightage="60" keywordseo="opening-bell" source="Orion">Opening Bell</keyword>.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's get into it.1. Global stocks falter as investors fret about inflation and corporate earnings. Price pressures are rising, while another missed bond payment by Chinese property giant Evergrande has revived contagion jitters. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-inflation-energy-evergrande-hit-risk-appetite-2021-10">See the latest moves on the market</a>.2. Bank of America says supply chain issues have made the upcoming earnings season a "make or break" moment for investors. Companies must deal with backlogs at ports on the West Coast and dole out higher pay to mitigate workforce shortages during the third quarter. <a href="https://markets.businessinsider.com/news/stocks/q3-earnings-season-outlook-supply-chain-wage-inflation-headwinds-bofa-2021-10">Here's how the firm sees things shaking out.</a>3. BlackRock's head of iShares investment strategy thinks 'stagflation' concerns are overblown. Inflation is a near-term threat, but investors shouldn't bet on a return to the landscape of the 1970s, said Gargi Chaudhuri, whose division oversees $2.3 trillion in assets. <a href="https://www.businessinsider.com/investing-strategy-stagflation-inflation-fears-sectors-stocks-federal-reserve-blackrock-2021-10">She explained two key market themes that will define the upcoming earnings season.</a>4.Earnings on deck: Fastenal Co., Pinnacle Financial Partners, and SHIFT Inc., all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 5. Goldman Sachs cut its US GDP forecast for a 3rd straight month. The firm pointed to the blow that COVID-19 has dealt to consumer spending, as well as the global semiconductor shortage that it said likely "won't improve." <a href="https://markets.businessinsider.com/news/stocks/us-gdp-forecast-goldman-sachs-cut-2021-covid-chip-shortage-2021-10">Here's why the "virus drag" could continue to plague the economy.</a>6. Starbucks is set to surge 21% on the back of its booming loyalty program. Bank of America analysts see the coffee mogul fending off competition and growing fast. <a href="https://markets.businessinsider.com/news/stocks/starbucks-stock-price-outlook-loyalty-program-drive-growth-defend-competition-2021-10">Get the numbers on how Starbucks has dominated the coffee business.</a>7. A SPAC run by 'Moneyball' star Billy Beane is in talks to merge with SeatGeek. Sports-industry-focused SPAC Redball Acquisition is in talks with SeatGeek about a potential business combination, and Oakland A's exec is in the mix. <a href="https://markets.businessinsider.com/news/stocks/billy-beane-redball-spac-talks-merge-seat-geek-moneyball-tickets-2021-10">The deal could be announced as early as this week. </a>8. Wedbush says Palo Alto Networks could rise 22% amid increased government spending to counter cyber threats. As the federal government puts more money into cybersecurity, analysts anticipate consistent growth in the stock going into the next year. <a href="https://markets.businessinsider.com/news/stocks/palo-alto-networks-stock-price-outlook-government-spend-cyber-security-2021-10">See Wedbush's breakdown.</a>9. A 32-year-old CEO who built a $5 billion crypto startup shared his thoughts on the digital asset landscape. He explained the need for layer-two networks, as they bring scalability to layer one blockchains like bitcoin or ethereum. <a href="https://www.businessinsider.com/defi-investing-crypto-bullish-blockchain-layer-two-altcoin-peter-smith-2021-10">He shared which segment of DeFi he sees having the most potential.</a>10. Warren Buffett expert Robert Hagstrom broke down the key elements of the investor's "ultimate money mind." Buffett didn't buy stocks last spring because, according to Hagstrom, he had concerns about the pandemic. <a href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-ultimate-money-mind-acquisitions-robert-hagstrom-2021-10">See why Hagstrom doesn't anticipate Buffett making another elephant-sized acquisition.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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SPAC volatility forces SeatGeek and Billy Beane of 'Moneyball' fame to shelve merger plans as the boom in blank-check deals fades

Carla Mozée

A SPAC run by Billy Beane of 'Moneyball' fame is in talks to merge with SeatGeek

Carla Mozée

Wall Street: SPACs gone bad

Aaron Weinman

10 things before the opening bell

Phil Rosen

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