September 12, 2012
In this paper, we focus on Special Purpose Acquisition Companies (SPACs), which are shells initiated with the sole intent of acquiring a privately held company, rather than “natural shells,” which arise after bankruptcy.
ResearchGate, September 12, 2012
August 22, 2012
Tile Shop Holdings, Inc. and JWC Acquisition Corp. Announce Closing of Business Combination
Tile Shop Holdings, Inc. (“TS Holdings”) and JWC Acquisition Corp. (“JWCAC”) jointly announced today that the previously announced business combination between TS Holdings, JWCAC, and The Tile Shop, LLC (“The Tile Shop”) has closed. Pursuant to the Business Combination, through a series of transactions, JWCAC and The Tile Shop have been...
Reuters, August 22, 2012
August 07, 2012
Hyde Park Acquisition Corp. II Completes Initial Public Offering
Hyde Park Acquisition Corp. II (NASDAQ: HPAC) (the “Company”) announced today that it has completed its initial public offering of 7,500,000 shares of common stock. The shares were sold at an offering price of $10.00 per unit, generating gross proceeds of $75,000,000 to the Company. In addition, the Company has granted the underwriters a 45 day over-allotment option to purchase up to an additional 1,125,000 shares.
The Street, August 7, 2012
July 11, 2012
Australia Acquisition Corp. Agrees to Acquire Approximately $350 Million of Emerging Markets Investments From Harbinger Capital Partners
AAC to Combine Majority Stake in Asian Coast Development (Canada) Ltd. and Minority Stake in Ferrous Resources Limited to Form New Global Diversified Holding Company.
Silicon Investor, July 11, 2012
July 10, 2012
Universal Business Payment Solutions Acquisition Corp. (UBPS), a special purpose acquisition company that raised $72 million...
July 06, 2012
Are SPACs back?
This boom-time phenomenon known as special-purpose acquisition companies, or SPACs, have seen ebbs and flows over the years, both pre- and post-financial crisis. Clearly the market for new SPAC issuances, which rely on initial public offerings to raise capital, is constrained, given the state of the IPO markets. Nonetheless, interest in the niche has continued, say industry observers, and SPAC acquisitions now appear to be on the rise again.
June 29, 2012
The Tile Shop, LLC (The Tile Shop), a leading specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories, and JWC Acquisition Corp. (OTCBB: JWCA; JWCAW; JWCAU), a special purpose acquisition company, today announced a definitive agreement under which The Tile Shop will engage in a business combination with JWC Acquisition Corp.
June 13, 2012
Net Element, a global publisher of online destinations and soon-to-be operator of a mobile commerce platform for Russia and other emerging markets, and Cazador Acquisition Corporation, a special purpose acquisition company (SPAC), announced the execution of a merger agreement that will infuse up to $81 million into Net Element and provide the necessary financial resources for the company’s next stage of growth.
June 04, 2012
The JOBS Act was supposed to be about clearing away regulation to help young companies create jobs. Just eight weeks after its passage, however, more than a dozen of the companies seeking to use its looser rules for going public aren't the type of high-tech growth companies lawmakers had in mind.
May 16, 2012
Appleton Papers Inc. ("Appleton") and Hicks Acquisition Company II, Inc. (Nasdaq: HKAC) today announced a definitive agreement under which Appleton will engage in a business combination with Hicks Acquisition Company II valued at $675 million. The combined company will be listed on the Nasdaq exchange, positioning Appleton for long-term growth and profitability with an improved balance sheet and greater access to capital.
May 15, 2012
After four straight years of declines, deal making by so-called Special Purpose Acquisition Companies is showing modest signs of a rebound. Through last Friday, SPACs, investment funds created specifically for buying companies, had announced four acquisitions this year, valued at a total of $168 million, according to Dealogic. That’s more than the two such deals, valued at $66 million, made during the whole last year.
SPACs remain a long way from their heyday of 2007, when they spent $4.08 billion snapping up companies. But there is reason to believe that SPAC activity will continue to increase. Under the rules that govern most of the funds they need to buy at least one company within two years of being formed. Dealogic says that SPACs raised a total of $1.61 billion in 2010 and 2011 through initial public offerings. Many of them will need to find targets by the end of 2013.
“We’ll continue to see many more acquisitions by SPACs in the next 12 months,” said Douglas Ellenoff, a partner at the law firm Ellenoff Grossman & Schole LLP, which has served as an adviser on recent SPAC transactions.
Of this year’s deals, two were by RLJ Acquisition Inc. On April 2, it announced a $114.8 million acquisition of Acorn Media Group Inc. and a $43.8 million deal for Image Entertainment Inc.
April 20, 2012
Special purpose acquisition companies CIS Acquisition Ltd. and Aquasition Corp. filed to raise $100 million and $50 million, respectively, in initial public offerings.
April 04, 2012
Burger King Worldwide Holdings Inc. (BKC) (BKC), the fast-food chain taken private in 2010 by New York investment firm 3G Capital Inc., will go public again after merging with a company owned by billionaire William Ackman. 3G Capital, backed by Brazilian billionaires, will receive $1.4 billion in cash to transfer Burger King to Justice Holdings Ltd. (JUSH), a special-purpose acquisition company co-founded...
April 04, 2012
Aquasition Corp., a blank check company focused on acquiring businesses in the maritime transportation and service industries, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.
April 02, 2012
The combined company, to be named RLJ Entertainment, will be "one of the largest independent distributors of digital and video content globally," the firms said.
March 22, 2012
Hibiscus Petroleum Bhd, Malaysia's first special-purpose acquisition company (SPAC), has received its shareholders' nod to acquire a 35 per cent stake in Lime Petroleum plc for US$55 million (US$1 = RM3.10).
March 20, 2012
CIS Acquisition, a blank check company focused on acquiring businesses in Russia and Eastern Europe, filed with the SEC on Tuesday to raise $100 million in an initial public offering.
March 16, 2012
The special purpose acquisition company Andina Acquisition Corp. revised its initial public offering and now plans to raise $40 million, down from its initially planned $50 million.
March 01, 2012
ROI Acquisition, a blank check company backed by consumer-focused private equity firm the Clinton Group, raised $75 million by offering 7.5 million shares at $10.00.
February 21, 2012
Hugh Osmond is poised to launch the successor to his Horizon investment vehicle as early as this month, with an expected fund-raising target in the region of £500m. Mr Osmond, perhaps best known as one of the people behind the growth of Pizza Express, is understood to be finalising plans for a special purpose acquisition company (SPAC) through which the money will be raised.
October 29, 2011
Hibiscus Petroleum, South-East Asia’s first listed special purpose acquisition company, has announced its first proposed transaction. Its subsidiary, Gulf Hibiscus, has agreed to pay US$50m for 76.9m new shares, equivalent to a 27.2% stake, in Lime Petroleum...
October 28, 2011
Committed Capital Acquisition Corporation (OTCBB: CMTPU) announced today that it has closed its initial public offering of 5,750,000 units at a price of $5.00 per unit for net proceeds of $28.75 million, which includes the full exercise of the underwriter's over-allotment option. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $5.00 per share. The common stock and warrants...
August 27, 2011
The British Airways (BA) chairman, who earlier this summer was pipped at the post to run the Tote by rival BetFred, is contemplating setting up a special-purpose acquisition company (SPAC) to provide a permanent source of capital to match his future ambitions...
July 21, 2011
Douglas S. Ellenoff and Stuart Neuhauser, members of the Firm, led a SPAC panel moderated by Rothstein Kass on how SPACs are benefiting the private equity industry.
Click here to view the presentation
July 19, 2011
Douglas S. Ellenoff, a member of the Firm, was invited by Deal Flow Media to open their 2011 SPAC Conference with opening remarks on the state of the SPAC market.
Click here to listen to the audio