Posts for Ticker ‘GHQ’

SPAC-tacular SPACs and Blank Checks that Shot Blanks (TOH, REN, CCME, SCRQF, AUTC, GHC, CIO, PPAC, GHQ, IRDMU, TTY, GGEEF, TCW, IAQG, AYA, BPW, CACA, GSMEF)

Once thought to be slipping through the recession’s cracks and into oblivion, many special purpose acquisition companies not only succeeded in getting investors to sign off on mergers—some generated substantial value after the deal for shareholders. SPACupdate.com tracks these SPACs, and has anointed the year’s best blank checks—while also acknowledging a few flops in the asset class.
Read More »

Posted on: December 22, 2009 – 10:43 am in Mergers and Buy Outs, Private Equity, , , , , , , , , , , , , , , , , ,

GHL Acquisition Seals its Deal, Two More SPACs Await Votes this Week

SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves.
 
GHL Acquisition Co. (AMEX: GHQ) completed its merger, bringing public satellite operator Iridium Holdings. The company’s shares were trading at $10.10 each at the close of trading Wednesday, prior to the announcement. The company announced that 16 million more shares, to be priced at $10 each, will be made available until Sept. 29, when the offer—and the merger—are both expected to be completed. The SPAC’s trading above redemption value so close to its vote date (many blank checks have seen share value tumble around the time of a deal vote) and its additional share offering are both positive signs for the company. Read More »

Posted on: September 24, 2009 – 9:26 am in Private Equity, , ,

SPAC Merger Votes This Week; More Deal Votes Announced (GHQ, TOH, CLA, HLD, GHC, DSP)

SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. This week brings several issues and votes  in the special purpose acquisition company sector.

GHL Acquisition Co. (AMEX: GHQ) will have its vote Wednesday, Sept. 23, to bring Iridium Holdings, a satellite company, public. Although the SPAC has until 2010 to complete its merger vote, multiple sources have indicated that, after a lengthy wait for federal approval, the blank check has secured enough votes to complete the deal. GHL’s warrants, now trading at around $3.30, support this.

Hicks Acquisition Co. (AMEX: TOH) will have its vote  Thursday, Sept. 24; the SPAC recently moved its merger vote back by one day. As its vote to bring Resolute Natural Resources public nears, the blank check has increasingly sought out investors to support its deal. Ever since Hicks Acquisition dumped target Graham Packaging, investors SPO Advisory (22.5%) and Advisory Research Fund (5.56%) have taken stakes in the SPAC sources say will be voted in favor of its deal. The blank check has until Sept. 28 to complete its deal. Hicks may be closing in on getting sufficient shareholder support; more than 13 million shares of the SPAC have traded at or around its trust value since Sept. 15. Warrants are trading at around $0.56.

Read More »

Posted on: September 22, 2009 – 9:57 am in Mergers and Buy Outs, Private Equity, , , , , ,

SPAC Developments Heating Up (NAQ, CLA, GHQ, TTY, CADUF, GHC, PAX, TCW, IAQGU)

Money Stack ImageFor the first time in more than a year, a special purpose acquisition company, a SPAC, saw its shares broke through their trust value prior to a deal vote. In the last 12 months, blank checks approaching deal votes saw their redemption value as the ceiling for share worth—and after a transaction’s completion, aggressive sell-offs pummeled their target’s value.

NRDC Acquisition Co. (AMEX: NAQ) broke this painful streak for blank check management teams. Oddly, it is the only SPAC approaching a deal vote that does not have a specific target in mind.  NRDC simply aims to convert itself to REIT status and begin buying up distressed property. The SPAC’s shares traded up to $10.00 each at the close of trading Monday; recently, warrants sold at around $0.77, marking a substantial rebound. The SPAC’s per-share redemption value is $9.91. NRDC’s vote date comes in mid-October.

NRDC is not the only blank check pursuing real estate investments. Capitol Acquisition Co. (AMEX: CLA) has paired up with Pine River Capital Management’s Two Harbors Investment Corp.  The SPAC’s deal vote must come by early November.

As you will see below, there are many more recent developments in other SPACs and overlapping SPACs that will be coming front and center in the coming weeks.
Read More »

Posted on: September 15, 2009 – 9:50 am in IPOs, Mergers and Buy Outs, Private Equity, , , , , , , , ,

Many Key SPAC Developments (HLD, GHQ, IAQGU, TOH, TTY, NSAQ)

We have seen many significant developments in recent days regarding the field of M&A in form of Special Purpose Acquisition Companies, or SPACs.  SPACUpdate.com sent us some key data on Secure America Acquisition Co. (AMEX: HLD), GHL Acquisition Co. (AMEX: GHQ), Hicks Acquisition Co. (AMEX: TOH), 2020 ChinaCap Acquisition Co. (AMEX: TTY), and in North Shore Acquisition Co. (OTC: NSAQ).  Many have written off SPACs as a class, but based on the calendar and news flow a blanket bet against the class looks like a blind bet.
Read More »

Posted on: September 8, 2009 – 1:09 pm in Activist Investor, Calendar, IPOs, Mergers and Buy Outs, , , , , ,

IRIDIUM Closer To Going Public, Again (GHL, GHQ)

money-stack-imageIridium Holdings is one step closer to coming public.  The special purpose acquisition company sponsored by Greenhill & Co., Inc. (NYSE: GHL) has announced that the affiliate GHL Acquisition Corp. (NYSE: GHQ) has entered into agreements with certain holder of warrants that will hopefully be the last amended terms in the quest to bring the global satellite phone provider public.  Approximately 26.8 million warrants issued by GHL Acquisition, including 4 million warrants held by Greenhill, will be repurchased or restructured upon closing of its acquisition of Iridium Holdings LLC.
Read More »

Posted on: July 29, 2009 – 10:36 am in IPOs, Mergers and Buy Outs, Private Equity, Satellite, Telecom, Wireless, ,

Iridium Comes Public Again Via Greenhill SPAC (GHQ, GHL, GSAT, SKYT)

Iridium_logoGHL Acquisition Corp. (AMEX: GHQ), a SPAC and affiliate of Greenhill & Co. Inc. (NYSE: GHL), is going to be rolling up an interesting operation.  It is acquiring the old global satellite phone company Iridium Holdings LLC.  The company will provide a $500 million cash infusion whichwill allow Iridium to finance its new finance system. It will valueIridium at roughly $591 million depending upon your calculations andthe final closing terms.

Read More »

Posted on: September 23, 2008 – 1:11 pm in IPOs, Satellite, Wireless, , , ,

SPAC Warrant Separation: GHL Acquisition Corp. (GHL, GHQ, GHQ-U, GHQ-WS)

GHL Acquisition Corp. (Amex: GHQ-U), a special purpose acquisition company or SPAC, has announced that it has allowed for the separation in trading of its common stock and warrants.  This SPAC will thus no longer be considered exclusively "units" upon the separation.

The SPAC’s initial public offering was February 21, 2008, and holders may elect to trade the common stock and warrants separately commencing on March 20, 2008.  This is an elective event rather than a mandatory event.  Units notseparated will continue to trade on the American Stock Exchange underthe symbol "GHQ.U".

The common stock will trade on the American Stock Exchange under the "GHQ" ticker, and the warrants will trade under the "GHQ.WS" ticker.

We had previously noted that this one was affiliated with Greenhill & Co. (NYSE: GHL).

Jon C. Ogg
March 19, 2008

Posted on: March 19, 2008 – 10:03 am in IPOs, , , ,

SPAC IPO FILING: GHL Acquisition & Greenhill Back Door Play (GHL, GHQ)

GHL Acquisition Corp., a ’special purpose acquisition company’ or "SPAC" (or blank check company) has filed to come public.  This SPAC is actually a larger filing than many, with the initial amount indicated as up to $460 million if you include the overallotment option ($400 million otherwise).  The 40 million units are going to be at the nominal $10.00 per unit, with each unit holding one share of common stock and one warrant with a $7.50 strike price.

Banc of America is the listed underwriter.  A company called Greenhill & Co. (NYSE:GHL) is the founding shareholder and it has purchased 8 million warrants at $1.00 per warrant.  GHL has the proposed AMEX stock ticker of "GHQ" and ultimately its warrants will trade separately.

It is a truly open-ended blank check company, but there is a back-door play here:  Our efforts in identifying a prospective target business will not be limited to a particular industry. Instead, we will focus on industries and target businesses in the United States and Europe that may provide significant opportunity for growth. We do not currently have any specific initial business combination under consideration….. We will seek to capitalize on the significant investing experience and contacts of our Chairman and Chief Executive Officer, Scott L. Bok, our Senior Vice President, Robert H. Niehaus, and our Chief Financial Officer, John D. Liu.  Mr. Bok has over 20 years of experience advising on mergers, acquisitions and restructurings and investing in private equity.  Mr. Niehaus has over 20 years of experience investing in private equity and sourcing, evaluating, structuring and negotiating control or significant minority investments in businesses.  Mr. Liu has 14 years of experience advising on mergers, acquisitions and restructurings.  Each of our executive officers has significant networks of contacts throughout the investment community and with a variety of sources of potential targets, including Greenhill’s managing directors and senior advisors.

So, Greenhill & Co. (NYSE:GHL) is the back door play here into the IPO.  Its shares are up about 3% to $74.56 today, and the 52-week trading range is $47.14 to $77.00.  Greenhill & Co.’s market cap is $1.99 Billion.  We will be reviewing this for our Special Situation Investing Newsletter, where we cover back door plays into IPO’s, spin-offs, break-ups, buyout candidates, reorganizations, and more.

We also preview certain data on these to our own open email distribution list.

Jon C. Ogg
November 30, 2007

Posted on: November 30, 2007 – 10:32 am in IPOs, ,