UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 26, 2022 (
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
|
||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Termination Agreement
As previously disclosed, Cohn Robbins Holdings Corp., a Cayman Islands exempted company, (the “Company”) entered into a business combination agreement, dated January 20, 2022 (as amended by the Amendment to the Business Combination Agreement, dated as of August 29, 2022), by and among the Company, Allwyn AG (f/k/a SAZKA Entertainment AG), a Swiss stock corporation (Aktiengesellschaft) (“Allwyn”), Allwyn Entertainment AG, a Swiss stock corporation (Aktiengesellschaft) (“Swiss NewCo”), Allwyn US HoldCo LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Swiss NewCo (“US HoldCo”), and Allwyn Sub LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of US HoldCo (the “Business Combination Agreement”).
On September 23, the Company and Allwyn entered into a Termination Agreement (the “Termination Agreement”) by which the Company and Allwyn irrevocably agree and consent to terminate the Business Combination Agreement pursuant to Section 11.1(a) of the Business Combination Agreement, with such termination, for the avoidance of doubt, having the effect set forth in Section 11.2 of the Business Combination Agreement.
A copy of the Termination Agreement is filed with this Current Report on Form 8-K as Exhibit 2.1, and is incorporated herein by reference, and the foregoing description of the Termination Agreement is qualified in its entirety by reference to the full text of the Termination Agreement.
Item 7.01 Regulation FD Disclosure
On May 16, 2022, the Company and Allwyn issued a joint press release (the “Press Release”) announcing the execution of the Termination Agreement. The Press Release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information contained in this Item 7.01, including Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 2.1 | Termination Agreement | |
| 99.1 | Press Release, dated as of September 23, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Cohn Robbins Holdings Corp. | ||
| Date: September 26, 2022 | ||
| By: | /s/ Clifton S. Robbins | |
| Name: | Clifton S. Robbins | |
| Title: | Co-Chairman | |
Exhibit 2.1
Execution Version
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT (this “Agreement”) is made as of September 23, 2022, by and between Cohn Robbins Holdings Corp., a Cayman Islands exempted company limited by shares (“Acquiror”), and Allwyn AG (f/k/a SAZKA Entertainment AG), a Swiss stock corporation (Aktiengesellschaft) (the “Company”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Business Combination Agreement (as defined below).
WHEREAS, Acquiror, Allwyn Entertainment AG, a Swiss stock corporation (Aktiengesellschaft) (“Swiss NewCo”), Allwyn US Holdco LLC, a Delaware limited liability company and direct wholly owned subsidiary of Swiss NewCo (“US HoldCo”), Allwyn Sub LLC, a Delaware limited liability company and a direct wholly owned subsidiary of US HoldCo, and the Company entered into that certain Business Combination Agreement, dated as of January 20, 2022 (as amended, supplemented or otherwise modified prior to the date hereof, the “Business Combination Agreement”);
WHEREAS, pursuant to Section 11.1(a) of the Business Combination Agreement, Acquiror and the Company may terminate the Business Combination Agreement at any time prior to the Closing by mutual written consent; and
WHEREAS, Acquiror and the Company desire to terminate the Business Combination Agreement pursuant to Section 11.1(a) thereof.
NOW, THEREFORE, Acquiror and the Company, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, hereby agree as follows:
1. Termination. Each of Acquiror and the Company hereby irrevocably agrees and consents to the termination of the Business Combination Agreement pursuant to Section 11.1(a) of the Business Combination Agreement, with such termination, for the avoidance of doubt, having the effect set forth in Section 11.2 of the Business Combination Agreement and being effective automatically upon execution and delivery of this Agreement.
2. Agreement. This Agreement embodies the complete agreement and understanding among the parties hereto and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.
3. Miscellaneous. Sections 12.1, 12.7, 12.8, 12.13 and 12.14 of the Business Combination Agreement are hereby incorporated by reference into this Agreement, mutatis mutandis.
* * * * *
IN WITNESS WHEREOF, the parties hereto have executed this Termination Agreement as of the date first written above.
|
COHN ROBBINS HOLDINGS CORP. | ||
| By: | /s/ Clifton S. Robbins | |
| Name: Clifton S. Robbins | ||
| Title: Co-Chairman | ||
| ALLWYN AG | ||
| By: | /s/ Pavel Saroch | |
| Name: Pavel Saroch | ||
| Title: Director | ||
| By: | /s/ Jan Matuska | |
| Name: Jan Matuska | ||
| Title: Authorized Signatory | ||
[Signature Page to Termination Agreement]
Exhibit 99.1

Allwyn and Cohn Robbins announce decision on proposed business combination
LUCERNE, Switzerland and WILMINGTON, Delaware, United States – September 24, 2022 – Allwyn AG (“Allwyn” or the “Company”), a leading multinational lottery operator, and Cohn Robbins Holdings Corp. (NYSE:CRHC) ("CRHC" or “Cohn Robbins”), a special purpose acquisition company, today announced that they have mutually agreed not to proceed with their previously proposed business combination.
Allwyn, Europe’s largest lottery operator[1], received strong indications of support during recent meetings with investors, but the marketing period coincided with significant market volatility amid a backdrop of concerns about the prospects for inflation, interest rates and recession. Despite this, investors offered commitments of almost $700m to support the combination with Cohn Robbins.
After consideration, Allwyn and Cohn Robbins have jointly decided not to proceed with the transaction. Allwyn remains committed to joining the public markets in due course when conditions are more favorable and to expanding its business into the US.
Robert Chvátal, Allwyn’s group chief executive officer, said: “Allwyn was encouraged by the feedback from many leading investors, demonstrating the attractiveness of our business to the investment community.
“However, due to the prolonged and increasing market volatility, we and Cohn Robbins have decided not to proceed with the proposed business combination. We are grateful to the firm’s founders, Gary Cohn and Cliff Robbins, for their support over the past year and hope to work with them again in the future.
“As demonstrated by our recent results, Allwyn is a highly cash generative business with a strong financial and operational platform to pursue its organic and inorganic growth strategy and to invest in new opportunities. These include the National Lottery in the UK, where we are set to become the operator in 2024. We continue to pursue sustainable and profitable growth and remain excited about the many opportunities we see in the lottery business in Continental Europe, the UK, the United States and elsewhere.”
Source: Cohn Robbins Holdings Corp.
[1] As measured by gross gaming revenue

Gary D. Cohn and Clifton S. Robbins, CRHC’s Co-Founders and Co-Chairmen, said: “Our partnership with Allwyn was announced in January and since then we have witnessed a pronounced negative turn in market psychology, and just last week the market suffered its worst day since June 2020, with the sharply negative trend continuing this week. Karel Komárek and his teams at KKCG and Allwyn have much to be proud of in the lottery-led entertainment company they are building. Nevertheless, the persistently volatile and negative market conditions have led to our mutual decision with Allwyn not to proceed in completing the transaction. We wish them every success going forward.”
CRHC’s Board of Directors will consider in due course CRHC’s next steps, including whether to seek an alternative business combination. On September 7, 2022, CRHC shareholders approved an initial extension of CRHC’s expiration date to December 11, 2022.
About Allwyn
Allwyn is a leading global lottery operator. Allwyn builds lotteries that return more to good causes by focusing on innovation, technology, efficiency and safety across a growing casual gaming entertainment portfolio. The lottery-first approach of focusing on affordable recreational play has earned Allwyn leading market positions with trusted brands across Europe in Austria, Czech Republic, Greece and Cyprus and Italy. Following a successful tender process earlier this year, Allwyn is set to become the operator of the UK National Lottery from February 2024.
About Cohn Robbins Holdings Corp.
Founded and listed on the NYSE in 2020, Cohn Robbins Holdings Corp. is Co-Chaired by Gary D. Cohn and Clifton S. Robbins. Mr. Cohn is Vice Chairman of IBM and has more than 30 years of financial services experience spanning the private and public sectors, having served as Assistant to the President of the United States for Economic Policy and Director of the National Economic Council from January 2017 until April 2018, and as President, Chief Operating Officer and a director of The Goldman Sachs Group, Inc. from 2006-2016. Mr. Robbins has more than 35 years of investment management experience, including as Founder and Chief Executive Officer of Blue Harbour Group from 2004-2020, a Managing Member of global growth investor General Atlantic Partners from 2000-2004, and as a General Partner of Kohlberg Kravis Roberts & Co., where he worked from 1987-2000.

For further inquiries:
For Allwyn
Media inquiries:
Dana Dvorakova, Allwyn
dana.dvorakova@allwynent.com
Paul Durman, Brunswick
pdurman@brunswickgroup.com or: +44 7973 522824
Nick Cosgrove, Brunswick
ncosgrove@brunswickgroup.com or: +44 7974 982306
For investor inquiries:
allwyn.ir@icrinc.com
IR@allwynent.com
For Cohn Robbins
Adam Weiner, Arrowpath Advisors
CRHCmedia@arrowpath.com
+1 212 596 7700

Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the Business Combination between, among other parties, CRHC and Allwyn. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “strategy,” “future,” “opportunity,” “would,” “seem,” “seek,” “outlook” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking statements include, without limitation, Allwyn’s and CRHC’s expectations with respect to anticipated financial impacts of the Business Combination, the satisfaction of closing conditions to the Business Combination, and the timing of the completion of the Business Combination. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of CRHC’s registration statement on Form S-1 (File No. 333-240277), its Annual Report on Form 10-K, as amended from time to time, for the fiscal year ended December 31, 2021 and its subsequent Quarterly Reports on Form 10-Q, and the Registration Statement filed by Allwyn. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside Allwyn’s and CRHC’s control and are difficult to predict. Many factors could cause actual future events to differ from the forward-looking statements in this document, including but not limited to: (1) the outcome of any legal proceedings that may be instituted against CRHC or Allwyn following the announcement of the Business Combination; (2) the inability to complete the Business Combination, including due to the inability to concurrently close the Business Combination and the private placement of common stock or due to failure to obtain approval of CRHC’s shareholders; (3) the risk that the Business Combination may not be completed by CRHC’s business combination deadline and the potential failure to obtain an extension of such deadline sought by CRHC; (4) the failure to satisfy the conditions to the consummation of the Business Combination, including the approval by CRHC’s shareholders and the satisfaction of the minimum trust account amount following any redemptions by CRHC’s public shareholders; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (6) the risk that the Business Combination disrupts current plans and operations as a result of the consummation of the Business Combination; (7) the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (8) costs related to the Business Combination; (9) changes in the applicable laws or regulations; (10) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the risk of downturns and a changing regulatory landscape in the industry in which Allwyn operates; (12) Allwyn’s ability to obtain or maintain rights or licenses to operate in any market in which Allwyn operates or seeks to operate in the future; (13) the potential inability of Allwyn to raise additional capital needed to pursue its business objectives or to achieve efficiencies regarding other costs; (14) the enforceability of Allwyn’s intellectual property, including its patents, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security; and (15) other risks and uncertainties described in CRHC’s registration statement on Form S-1 and Annual Report on Form 10-K, as amended from time to time, for the fiscal year ended December 31, 2020 and its subsequent Quarterly Reports on Form 10-Q, and the Registration Statement. Allwyn and CRHC caution that the foregoing list of factors is not exclusive or exhaustive and not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Allwyn nor CRHC gives any assurance that Allwyn or CRHC will achieve its expectations. Neither Allwyn nor CRHC undertakes or accepts any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, or should circumstances change, except as otherwise required by securities and other applicable laws.
Source: Cohn Robbins Holdings Corp.
K1Y2#K/R;N6 !(;GE
MU[5;36MO;1NU'C'3:A!ZA[M8\V,_-LZC'+UBF1&&@RQZ(!]PA@MO8'DAN>V7
M*MM,ZV]3FK0>(=1J$'Q_LHP12\5@Q92S)6/8E ^UEK3E*7%-97_AF(;%YMHQ
MI<0C/$R^6E:084AIG; P6^,X?K]-HX2D<$>DJ>RR8+189Z$F\8@%DR^ !2E%
M2NN$A;,U84O>O?W&Z&.V*M9G! G!2JZ0M!9X5Y>GQ+*G*OL:Z8$U
M%HB0,&S244;0I<[&I*6/J+;G?K '!)A*C]N]K#SXXV3%,E0Z+1!-UQAO5"8%
M-&!FXLS@?RFRS#0^3_!/Z%AW1@!+6_Y^K09[X[YLE[K5,JDW2EV*NV#KLGKQ':E=-FJ=6J5-BG6RZ1R4SHIUH\K
MI-2XN*BUV[5&W>]Y3:T!9-*V#K248Z48$1/I5'X=(W^<]*J-U@4YL RJ<>^'
MZRKYQ!%?+HI&R[KD8,C"=;L[:;:R-5_C>KPZ9KGZ34F_O;R'J?"KRPU!?)'#
M7/1L>:WA((Z4'OXUV@$C;E7J'=*J-!NMCF^RS
GM$SEE-VIJEKW)JG!7UU5&-7YP,^@.0TE"@>>S
MJ=3^VIR"_X!.^][X[2UI 0(Q'--RT*# )'$_DJ3$M&=<:%5M2"!@I )2+$HV
MV1&RI%1M$3&9B$'']YKP;Z]IP=-T6^='0:7, LAJFLAJMY>):Q:ZFD5;SH
M;U3-J_2\0L?SP=M;(V_XJH*%%(T*8D#'E8GKT1
D!Z1$=N
M&M1UC\[/WK_%; 4_./)AE^:PY_;@@Z;\XE31Z8/ B)AWX>_N 52@0X/VD0ZI
M%,(K^6P6574\!5#'9*<7'\8I:1=OSXHX3YEI4T7C1!2/=U%F[;$"%%B\_ Y<
M.B8[!\IA<0C5&V1/%A[4@D2JA_OZA[M8N?DB=%$%)0AJ\O OXWL#=.YPL+:2
MOH#39_FRSR5KLN^X:ZG^_<-FK
MG$I[DOF\R=U'V)4.7$9D6Z?V/WW-M_][!CY>!&KTZ[SDYWKTJ[X_ 5!+ P04
M " !YKCI5$1LVVR<5 #<7@ '@ &5A,38V,S4R97@Y.2TQ7V-O:&YR
M;V)B:6YS+FAT;>U<_W/;-I;_73/Z'W"YVTPR*RF2[22-[6;J.';BC>-D;6<[
MO9N;&XB$)-0DP0*D5/6OO\][ "E*LAUOFB;:;CIM95$D\/"^?M[# _=?7[X]
M?=YN[;\^.GB)3T'_[%^>7)X>/=]_Y#_QZZ/P\_Z+=R]_$A>7/YT>?7]O9+)B
M5PSZ>2$N=:J<.%,S<6Y2F77\A8ZX4%:/[N%!//J^>JY0OQ9=F>AQMBNL'D^*
M/9%*.];XVK_W?/_XW=EE
K6#M;YO @%0RFC,DMGW-V
M3>2+=7D(<%=1@IRGU]@V$CPSSI!Z!T^QP"-#E0&P?02& -!JRB:"9Y+PE)$W
MB>6DEA+Q,0 C&0V01>C?IAD#*0OH,:20L3BH8[C+SN-2;O^KNN[JL]"8BLX_
M>\,!7/7,FN@\X*T(B@;?&O227A9 7I?;B/W7^/=WH_H[?3^=?7T5OO_!U!+ 0(4 Q0 ( 'FN.E7T0>^4
M1P0 (P1 1 " 0 !C