UK SPAC Deal Derailed on Claims of Abusive Investor Behavior (1)

A SPAC merger that was set to bring a UK steel distributor public has been canceled after allegations of abusive behavior by purported shareholders in the blank check firm.

The special-purpose acquisition company tie up that would’ve resulted in Megasteel Ltd. going public later this year was called off after groups claiming to be investors in the acquirer, More Acquisitions PLC, approached the target’s management and owners using “abusive and threatening behaviour,” according to a Wednesday statement from More.

The “unwarranted tirade of abuse and vitriol directly addressed” at Megasteel’s owners and board led the company to withdraw its ...