News & Events - SPACs

  • 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.

  • July 07, 2009

    Last month, a SPAC known as Liberty International Acquisition Co., agreed to buy U.K. life insurer Pearl Group in a deal valued at about GBP1.6 billion ($2.6 billion). A similar vehicle in the U.S. is hunting for deals and Pearl itself could become a platform for more acquisitions.

  • July 01, 2009

    Pantheon China Acquisition Corp. is a special purpose acquisition company formed for the purpose of acquiring, through a stock exchange, asset acquisition or other similar business combination, an operating business in the People's Republic of China.

  • June 01, 2009

    Jamba, Inc. has completed a sale of convertible preferred stock which raised $35 million in gross proceeds for the company.

  • April 25, 2009

    Victory Acquisition Corp. (NYSE Amex: VRY), a specified purpose acquisition company, announced the termination of the proposed merger with TouchTunes Corporation. ...

  • March 25, 2009

    A special purpose acquisition company, or SPAC, called Victory Acquisition Corp. (AMEX: VRY) announced that it was acquiring an operating companycalled TouchTunes Corp. TouchTunes is a provider of out-of-home interactive entertainment ....

  • January 26, 2009

    Tailwind Financial, a Toronto-based special purpose acquisition company listed on the NYSE Alternext US, through an all-stock transaction will acquire Allen-Vanguard, a Canada-based developer of detection...

  • January 20, 2009

    Because Citi has not been active in the SPAC market since eliminating in September 2008 the holdings of Old Lane, the hedge fund run by Vikram Pandit prior to his assuming the chief executive role of Citigroup, its investment in Global Consumer Acquisition Co. is significant not simply because of the overall size of the stake it now owns.

  • January 19, 2009

    The amendments allowing special-purpose acquisition companies, or SPACs, to be listed on the Toronto Stock Exchange are one month old, but judging by the flurry of action, law firms are expecting that the structure, which has been in use in the United States for about a decade, will receive a friendly welcome north of the border....

  • January 05, 2009

    The blank-check companies known as SPACs, which have raised billions but not yet made the acquisitions that money is ...

  • January 05, 2009

    (Dubai) "In theory, it appears to be a perfect storm for SPACs," said Gil Ottensoser, ... After a stellar 2007, when 65 SPACs raised about $11.6 billion, ...

  • January 02, 2009

    The largest acquisition of 2008, and the second-largest ever, was by blank check company Hicks Acquisition Co I Inc (TOH.A) which together with established ...

  • December 30, 2008

    Vector Intersect Security Acquisition Corp., a special purpose acquisition company (SPAC), will acquire Cyalume Technologies, a safety and training products company serving military clients based in Massachusetts, after 90% of its shareholders voted in favor of the deal. The deal marks an aberration as of late, as

  • September 12, 2008

    Affinity Media International Corp. , a special purpose acquisition company, announced today that stockholders of record as of the previously announced record date of August 8, 2008 will be invited to attend Affinity's special meeting of stockholders scheduled to be held on October 7, 2008 at the offices of the law firm of Ellenoff Grossman & Schole LLP, located at 150 East 42nd Street ...

  • September 08, 2008

    Special Purpose Acquisition Companies, now gaining traction on theEuronext, will likely soon find themselves trading on the Toronto StockExchange as the number of IPOs continues to stagnate. ...

  • August 17, 2008

    The Toronto Stock Exchange (TSX) is proposing a new rule that would allow for the creation of (SPACs) in Canada. SPACs have become very popular capital raising vehicles in the United States They are similar to capital pool companies in that they involve raising money...

  • August 15, 2008

    Chardan 2008 China Acquisition Corp. is a newly organized blank check company formed for the purpose of acquiring, through merger, share exchange, contractual control arrangement or other similar business combination, one or...