Posts for Ticker ‘TCW’

Many Key SPACs on Deck (PAX, TOH, EST, TCW, CFQCF, GQN, NSAQ, CIO)

We have been given some exclusive data from SPACupdate.com on the progress of many blank check and special purpose acquisition companies which their targets and relevant trading data. Prospect Acquisition Co. (AMEX: PAX), Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST), Triplecrown Acquisition Co. (AMEX: TCW), China Fundamental Acquisition Co. (OTC: CFQCF), Global Brands Acquisition Co. (AMEX: GQN), North Shore Acquisition Co. (OTC: NSAQ), and Asia Special Situation Acquisition Co. (AMEX: CIO) all have very recent or pending data important for SPAC and special situations investing.
Read More »

Posted on: November 13, 2009 – 9:23 am in Mergers and Buy Outs, Private Equity, , , , , , , ,

SPAC Votes Coming (TTY, EDS, NAQ, CLA, EST, TCW)

SPACupdate.com has provided 24/7 Wall Street with some exclusive coverage on key issues coming up in the realm of special purpose acquisition companies.  2020 ChinaCap Acquirco (NASDAQ: TTY; NASDAQ: EDS) is on deck for its deal vote. NRDC Acquisition Co. (AMEX: NAQ) is adopting a REIT-strategy that differs from what was seen in Capitol Acquisition Co. (AMEX: CLA) or Enterprise Acquisition Co. (AMEX: EST).  Triplecrown Acquisition Co. (AMEX: TCW) also has a vote coming up.  More detailed information is provided below on each company.
Read More »

Posted on: October 19, 2009 – 9:40 am in Activist Investor, Mergers and Buy Outs, Private Equity, , , , , ,

SPACupdate.com Deal Watch (URX, CSAQF, TMI, TTY, NAQ, TCW)

SPACupdate.com has provided 24/7 Wall Street with some exclusive coverage for the world of special purpose acquisition companies or SPACs.  This monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. Watch warrant holders to see where the trade winds for blank check votes blow. Two deals have major SPAC players owning warrants that will serve as a barometer as deal votes approach. One already has: TM Entertainment’s merger vote will come tomorrow.

United Refining Energy (AMEX: URX) will merge with Oklahoma City-based oil and natural gas producer Chaparral Energy, the SPAC announced Tuesday. The deal announcement sent the blank checks’ warrants spiking up to 45 cents in Tuesday trading; its shares closed at $9.96.
Read More »

Posted on: October 14, 2009 – 9:14 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, , , , , , , , ,

SPAC IPO FILING: Grand Slam Acquisition Corp. (APP, VRY, TCW)

Grand Slam Acquisition Corp. is a SPAC (special purpose acquisition company) that has filed to come public via an IPO.  But this is larger than most SPAC IPO’s with a $750 million proceeds target.  Each unit will consist of a share of stock at the $10 set SPAC price and will consist of a warrant.  Citigroup is listed as the lead underwriter.

As you can see by its filing, it is not honing in on a set business for the time being:  "Our efforts in identifying a prospective target business will not be limited to a particular industry although we will not search for target businesses in the financial services industry or the entertainment, media and/or publishing industry…. We do not have any specific initial business combination under consideration. We have not, nor has anyone on our behalf, contacted or been contacted by any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction."

While the target sector may not be disclosed, the SPAC says it wants to pursue stable leadership companies.  Here are the notes:

  • Established Companies with Proven Track Records;
  • Companies with Strong Free Cash Flow Characteristics;
  • Strong Competitive Industry Position;
  • Experienced Management Team.

The company is led by the old Endeavor Acquisition Corp. chairman Eric Watson, which just recently became American Apparel (AMEX:APP). He’s been around this game before as he has been behind other SPAC’s such as Victory Acquisition Corp. (AMEX: VRY) with a $390 million market cap today, Triplecrown Acquisition Corp. (AMEX: TCW), and Performance Acquisition Corp.

Join our free email distribution list for previews on IPO’s, spin-off’s, reorganization, restructuring, merger-arb, buyouts, M&A, and more.

Jon C. Ogg
December 27, 2007

Posted on: December 27, 2007 – 7:30 am in IPOs, , ,