News & Events - SPACs

  • September 11, 2009

    GHL Acquisition Corp., a special purpose acquisition company, on Friday said it entered into several agreements with certain shareholders to buy back nearly 1.2 million of its common shares.

  • September 10, 2009

    Sports Properties Acquisition Corp could not finalize the $230 million deal and talks collapsed two days ago.

  • September 08, 2009

    We have seen many significant developments in recent days regarding the field of M&A in form of Special Purpose Acquisition Companies, or SPACs.

  • September 05, 2009

    In a joint launch of the new framework on August 3 2009, the Securities Commission and Bursa expressed the hope that the competitiveness of the Malaysian bourse as an equity-raising and listing destination will be enhanced and that the advent of Spacs, in particular, will not only promote private equity activity but also spur corporate transformation and encourage mergers and acquisitions.

  • September 05, 2009

    GHL Acquisition Corp (GHQ.A: Quote, Profile, Research) on Friday said it reached new agreements to repurchase more than 2.4 million of its shares so it can vote those shares in favor of its proposed takeover of Iridium.

  • September 04, 2009

    Blank-check company Orbit Acquisition Corp withdrew its filing for an initial public offering on Friday, citing "market conditions" in a letter to U.S. regulators.

  • September 02, 2009

    Santa Monica Media Corp. said its shareholders have voted to end its status as a special purpose acquisition company and distribute among the shareholders the assets of an April 2007 initial public offering.

  • August 26, 2009

    There is quite a bit changing in the land of special purpose acquisition companies, a.k.a. SPACs.

  • August 25, 2009

    China Networks (OTC:CNWHF), which went public through SPAC Analyst Acquisition, is prepared to trade again on the AMEX after being moved to the OTC Pink Sheets for failing to maintain mandatory shareholder minimums.

  • August 21, 2009

    The Securities and Exchange Commission has okayed a proposed rule change filed by the New York Stock Exchange to lower its public float requirement for initial public offerings.

  • August 17, 2009

    New York-based GHL Acquisition, which was established by investment banking firm Greenhill & Co. Inc. in February 2008 as a special purpose acquisition company, will hold a special stockholders’ meeting Sept. 23 to vote on whether or not to approve the purchase of Iridium

  • August 14, 2009

    Incisive Media lenders were presented on Wednesday (12 August) with a cash-out alternative from CIG, a newly-established media group acquisition vehicle, two sources familiar with the situation told Debtwire. However, the SPAC abruptly changed course today, announcing talks between itself and the UK-based media group had now terminated.

  • August 08, 2009

    Madison Dearborn Partners is selling the last of its stake in Great Lakes Dredge & Docks Corp., nearly doubling its original investment in the nearly six years it’s owned the company.Crain's Chicago Business, Wednesday August 12, 2009
    2009 Brings Fresh HopesRashdan is especially excited about the new equity framework introduced by the regulators. He particularly sees potential in the introduction of the Special Purpose Acquisition Companies (SPAC) to promote and facilitate private equity activities, spur corporate transformation and encourage corporate mergers and transactions.

  • August 03, 2009

    Independent oil and gas company Resolute Natural Resources Co. will go public in a $582 million deal with Hicks Acquisition Co. (TOH)..

  • August 01, 2009

    Frontier Financial of Everett, the troubled parent of Washington state's fourth-largest bank, has been thrown a multimillion-dollar lifeline by a New York "blank check" investment company.

  • August 01, 2009

    A new product usually injects excitement. It is no different with the introduction of special purpose acquisition companies (SPACs) in the capital market. This is made possible because of the Securities Commission’s (SC) new guidelines on equity.

  • July 31, 2009

    A blank-check company controlled by hedge fund manager Warren Lichtenstein will acquire Frontier Financial Corp (FTBK.O), a troubled Washington state bank with $4 billion in assets.

  • July 29, 2009

    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.

  • July 29, 2009

    Among the least-damaged victims of the boom's unwinding are SPACs, which arguable were among the worst manifestations of the irrational exuberance driven by excess liquidity. Despite their relative resilience to the bust, their cash hoards coupled with limited life offer an interesting arbitrage opportunity with yields that, in some cases, reach well into the double digits.

  • July 27, 2009

    Few companies these days look like hot investment opportunities, but few companies are able to cash in on economic distress like liquidation firm Great American Group LLC.

  • July 24, 2009

    The team behind cash shell company Germany1 is preparing to list its next special purpose acquisition company (SPAC) in October after Thursday’s 532 million euros deal with AEG Power.

  • July 23, 2009

    Hugh Osmond’s Pearl Group is expected to get the go-ahead for its capital restructuring on Friday from shareholders in Liberty Acquisition, the vehicle that will inject about €600m (£519m) into the company.

  • July 23, 2009

    AEG (AEGXY.PK) Power will become a public company when it completes a so-called 'back door' listing in a 532 million euro deal with special purpose acquisition company (SPAC) Germany1 in mid-August.

  • July 22, 2009

    A SPAC typically has been used in a variety of industries including media, energy, shipping, retail, telecom, insurance and health care. This deal will test whether investors have an appetite for smaller regional and commercial banks as well as whether regulators are comfortable with financial buyers. A completed deal may even give new life to the once popular SPAC vehicle.

  • July 20, 2009

    It turns out, many of these blank checks were never cashed. And SPACs that returned investors’ money after failing to find acquisitions generally performed better than those that actually made deals.