Posts for Ticker ‘GHC’

SPAC Shareholders Keep OK-ing Big Mergers (IAN, DSP, STTA, TGY, GHC, NAQ, REN)

SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. So far this week, shareholders approved one SPAC transaction and shot another down and two blank checks with deals in place elected to instead dissolve. Six SPAC deal votes are still due this month.

Inter-Atlantic Financial (AMEX: IAN) saw its deal to buy a Florida insurance company rejected without much fanfare. Little volume in the blank check moved Wednesday, when the SPAC held its vote, almost five months after announcing its intent to buy Patriot Risk Management.

SP Acquisition Holdings, Inc.(AMEX: DSP) cancelled its vote date and announced its merger, set for a vote this week to bring public Frontier Financial, a West Coast banking operation, would not succeed. The SPAC was supposed to have its deal vote on Oct. 8 and investors familiar with the blank check indicated its CEO, Warren Lichtenstein, had been in discussions to buy back shares recently.

Stone Tan China Acquisition (OTCBB: STTA) announced it would give up on its deal and liquidate, just one day after activist stakeholder Bulldog Investors announced a seven percent holding in the SPAC, adding to what was already a lengthy list of shareholders that are yield-to-trust players. The SPAC indicated difficulty getting its deal approved by the Chinese government by its vote deadline would derail the merger.
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Posted on: October 8, 2009 – 10:33 am in Mergers and Buy Outs, Private Equity, , , , , , ,

Another Busy SPAC Merger Week (GHC, IAN, DSP, FTBK)

This week kicks off a month’s worth of deal votes guaranteed to keep SPACs’ volume up into November.  SPACUpdate.com has noted how the asset class has already been highlighted for its resiliency and successful SPACs deals are increasingly lending credibility to new mergers being pitched to investors. On Wednesday, Oct. 7, Global Consumer (AMEX: GHC) and Inter-Atlantic (AMEX: IAN) acquisition companies will have deal votes and on the 8th, but the SP Acquisition (AMEX: DSP) proposed merger with Frontier Financial Corporation (NASDAQ: FTBK) appears to have been killed this morning.
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Posted on: October 5, 2009 – 9:50 am in Insider Activity, Mergers and Buy Outs, 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.

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

Many SPAC Changes Ahead of Key Votes & Dates (HLD, CFQCF, CACA, WTWG, AUCUF, GHC, CSAQF, WTWG, IDI)

Money Stack ImageThere is quite a bit changing in the land of special purpose acquisition companies, a.k.a. SPACs. We have been provided some key special purpose acquisition data by SPACupdate.com, which tracks major stock and warrant purchases in blank check companies through its bimonthly investor updates.  Below, are investments and stake sales compiled from the last two weeks of August.   Integrated Core Strategies exited investments in SPACs with fast-approaching vote dates and Westway Group, brought public through Shermen WSC Acquisition earlier this year, saw substantial shareholder turnover recently.

As of August 25, 2009, Arrowgrass Capital Partners announced an 8.4% stake in Secure America Acquisition Co. (AMEX: HLD). The SPAC is yet to identify a target.  Weiss Capital stated in a 13G it has a 1.8% stake in China Fundamental Acquisition Co. (OTC: CFQCF). The SPAC is yet to identify a target.  Weiss Capital sold its stake in Chardan China 2008 Acquisition Co.; previously it held a 5.7% stake (NASDAQ: CACA). The SPAC is yet to identify a target.

As of August 19, 2009, HBK nearly doubled its stake in Westway Group, the company brought public via Shermen WSC Acquisition Co., to 17.4% (OTC: WTWG).

As of August 18, 2009, Victory Park Capital Advisors sold a stake of about 8.5% in AutoChina Intl., the company brought public via Spring Creek Acquisition Co. (OTC: AUCUF). Integrated Core Strategies, the investment arm of Israel Englander, reduced 11% to 2% its holdings in Global Consumer Acquisition Co. (AMEX: GHC).  The SPAC is currently having difficulty securing assets it planned to buy from Colonial BancGroup after that entity failed and was absorbed into BB&T.
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Posted on: August 26, 2009 – 3:03 pm in IPOs, Mergers and Buy Outs, Private Equity, , , , , , , ,

SPAC IPO FILING: Market Street Acquisition Corp. (GHC)

Market Street Acquisition Corp. is yet another special purpose acquisition company that has filed for an initial public offering.  It is registering to sell 35 million units at $10.00 per unit, with each unit representing 1 share and 1 warrant with a $7.50 strike price.  Bear Stearns is listed as the sole book-runner for the offering.  No stock ticker was designated, although it will trade on AMEX.

The company intends to acquire one or more operating businesses in the global consumer products and services industry, which relates to the commercial delivery of products and services directly to the consumer in both the United States and the international marketplace. Even more specifically, it will focus on acquiring a company that offers a branded consumer product or service that can be expanded globally. Targeted sectors include, but are not limited to, branded consumer products and services, hospitality, entertainment, health, beauty, wellness, apparel, retail, marketing, restaurants and beverages.

This is not the sponsor company’s first dibs in a SPAC here. Global Consumer Acquisition Corp.(AMEX: GHC) is a blank check company that trades currently and it was formed in 2007 the sponsor to acquire businesses in the global consumer products and services industry.

Jason N. Ader is Chairman, CEO & President, and he founded and serves as the president and CEO of Hayground Cove Asset Management, LLC.  Since 2007, Mr. Ader has also served as Chairman of Global Consumer Acquisition Corp.  Since 2006, Mr. Ader has served as Chairman of the Board of India Hospitality Corp., a blank-check company formed to acquire Indian businesses or assets in the hospitality, leisure, tourism, travel and related industries that successfully completed its acquisition of related flight catering, restaurant and hotel businesses in India in July 2007.

Jon C. Ogg
March 4, 2008

Posted on: March 4, 2008 – 7:54 am in IPOs,