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Technology Stocks : Blank Check IPOs (SPACS)
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To: Glenn Petersen who wrote (1426)12/12/2007 6:47:10 PM
From: Glenn Petersen  Read Replies (1) of 3862
 
Aside from the fact that it raised over $1 billion, there are three note worthy points about the Liberty Acquisition IPO:

The company has 30 months (36 months if they enter into a letter of intent or sign a definitive agreement) to complete an acquisition.

The exercise price on the warrants, which allow the holders to purchase one-half share of common stock, was reduced to $5.50 prior to the offering.

Nicolas Berggruen and Martin Franklin, the two primary principals of Liberty Acquisition Holdings, are also the two primary principals who took Freedom Acquisition Holdings public. Freedom Acquisition, which raised $528 million in December 2006, recently closed on the acquisition of GLG Partners.
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The units closed at $10.01 today. Each common share is backed by $9.82 in cash. While the warrants will probably trade at a discount when the units are unbundled, I would suggest that the units are currently under priced by at least $1.00. JMHO.
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