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John Campbell, a shareholder of The Talbots Inc., agreed to withdraw his motion for a preliminary injunction against the retailer's merger with SPAC BPW Acquisition Corp. in exchange for certain corporate governance commitments from Talbots. Full Story
Filing: 8-K
Brokerage house Meritz Securities and consultancy A.T. Kearny Korea are planning to jointly list a SPAC in Korea in May, reported the blog Invest Korea SMEs. Full Story
Source: Invest Korea SMEs
Liberty Acquisition Holdings Corp., the first and only SPAC to raise more than $1 billion in its initial public offering, said Friday that it reached a definitive agreement with Spanish media conglomerate Grupo Prisa for a cash investment of up to $900 million. Full Story
Source: Investor Presentation
BBV Vietnam S.E.A. Acquisition Corp. said today that it has signed a definitive agreement with cosmetics company Migami Inc.
Source: Press Release
Malcolm Bird resigned as a director of China MediaExpress Holdings earlier this week for personal reasons. China MediaExpress merged with the SPAC TM Entertainment & Media in October.
Filing: 8-K
Mortgage processing company DJSP Enterprises said Wednesday that it appointed Matthew Kayton as its Executive Vice President and Chief Strategy Officer.
DJSP closed its merger with SPAC Chardan 2008 China Acquisition Corp. in December.
Source: Press Release
Health food company Smart Balance reported net income of $56,000 for the fourth quarter, up from a loss of about $2.6 million for the year-earlier period. Full Story
Source: Press Release
Executives of The Talbots Inc. will receive $5 million in bonus payments contingent on completing the merger and recapitalization with SPAC BPW Acquisition Corp. Full Story
Filing: 425
Information Services Group, which merged with a SPAC in 2007, reported $122,000 in fourth-quarter profits, up from a loss in the year-earlier quarter of about $63.4 million. Full Story
Source: Press Release
InfuSystem Holdings, formerly the SPAC HAPC Inc., reported fourth-quarter profits of $966,000, down from $1.3 million in the year-earlier period. Full Story
Sources: Press Release, SC TO-I
As the U.S. blank check market grows more anemic, key players involved with the asset class have shifted their attention to recapitalizations and financings for former SPACs that need a nudge to unlock value.
"The market will see more offerings from companies that need to increase their float and shareholder base. All past and future SPAC deals that utilize forward contracts in order to complete [a merger] are viable candidates," said Ramnarain Jaigobind, head of equity capital markets at Rodman & Renshaw. Full Story
Recent Deals Might Prove Long-Term Winners
The SPAC market has been active for more than seven years with nearly 90 blank check companies, valued at close to $11 billion, completing transactions with target companies during that time.
But there's still no consensus among industry watchers as to which of those SPACs should be considered the best of the genre. Full Story
A stock purchase agreement designed to ensure SPAC BBV Vietnam S.E.A. Acquisition Corp. meets its veto threshold could end up costing its target company almost $22,000 a day as the two hammer out a definitive agreement. Full Story
- Korean SPACs Get Approval, More Plan to List
- Hambrecht Asia Inks $114M Deal for LCD Maker
- Recent Shareholder Votes Have Mixed Results
- Pali Capital to Shut Down
- Motorola Sues Iridium for $24.7M
- North Asia to Recap Southern California Bank
- Western Liberty to Be Delisted
- Santos Joins Public Equity Team at Forbes Hare
- SPAC Tracker
- SPAC IPOs in Registration
