PROFILES: COMPANIES OR ASSETS ACQUIRED – MAY 22, 2009
Millstream Acquisition, which raised $24.15 million when it went public on August 25, 2003, completed the acquisition of NationsHealth, Inc. (stock symbol: NHRX), a provider of medical products and prescription related service, on August 31, 2004. Millstream Acquisition was the first of the recent blank check companies to go public, and the first to complete an acquisition. On April 30, 2009, the company announced that it had signed a definitive agreement to be acquired by ComVest Investment Partners III, a Florida-based private equity firm. The common shares of NationsHealth, which subsequent to the close of its acquisition by Millstream traded as high as $8.33, last traded at $.11. The warrants expired worthless on August 24, 2007. The units were originally priced at $6.00.
The founder of Millstream Acquisition, Arthur Spector, took another blank check company, Millstream II Acquisition, public on December 23, 2004, raising gross proceeds of $27.6 million. Millstream II was unable to close on its acquisition and announced on April 17, 2007 that the company was going to be liquidated.
CEA Acquisition, which raised $24.15 million when went public on February 13, 2004, completed the acquisition of etrials Worldwide (stock symbol: ETWC), a global provider of integrated software for the life sciences industry, on February 9, 2006. CEA Acquisition was the second SPAC to go public. On May 5, 2009, the company announced that it is going to be acquired by Bio-Imaging Technologies (stock symbol: BITI) at a valuation that approximated $.90 per share. On May 20, 2009, Bio-Imaging Technologies increased its offer to $1.35 per share. The common shares, which traded as high as $6.29 subsequent to the acquisition, last traded at $.80. The warrants expired worthless on February 11, 2008. The units were originally priced at $6.00.
Ithaka Acquisition Corp., which raised $53.1 million when it went public on August 16, 2005, completed its acquisition of Alsius Corporation (stock symbol: ALUS), a commercial-stage medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings, on June 21, 2007. On May 5, 2009, the company announced that it had sold its assets to Zoll Medical and that the net proceeds (after the payment of liabilities), estimated at $.36 per share, would be distributed to its shareholders. The common stock and warrants last traded at $.33 and $.019, respectively, giving the units, which last traded at $.27, a value of $.37. The common shares have traded as high as $6.35. The units were originally priced at $6.00.
Ad.Venture Partners, Inc., which raised $54 million when it went public on August 26, 2005, completed its acquisition of 180 Connect, Inc. (stock symbol: CNCT), one of the largest outsourced providers of technology fulfillment and integration services for the home, on August 24, 2007. As an incentive to the shareholders of Ad. Venture to approve the transaction, the founders agreed to give up 352,000 of their shares to individual investors purchasing 2,200,000 shares of the company with the intent that those shares would be voted in favor of the acquisition. On July 9, 2008, DIRECTV completed the acquisition of 180 Connect for $1.80 per share in cash. The common shares traded as high as $4.83. The units were originally priced at $6.00.
Acquicor Technology, Inc., which raised $174.5 million when it went public on March 14, 2006, completed its acquisition of Jazz Semiconductor, Inc., an independent wafer foundry primarily focused on specialty CMOS process technologies, on February 16, 2007. When Acquicor first announced its proposed acquisition of the company on September 26, 2006, Jazz Semiconductor was midway through the process of filing for an IPO. The company subsequently changed its name to Jazz Technologies, Inc. The founders of Acquicor were Gilbert F. Amelio, Ph.D., Ellen M. Hancock and Steve Wozniak. As an incentive to the shareholders of Acquicor to approve the transaction, the founders agreed to return 1,873,738 of their shares to the company at a price of $.0047 per share, reducing their overall position to 3.5 million shares. Tower Semiconductor (stock symbol: TSEM) acquired on September 17, 2008, with each share of Jazz being exchanged for 1.8 shares of TSEM. The common shares of TSEM last traded at $.34, giving the units, which no longer trade, a value of $.61. The common shares of Jazz traded as high as $5.69. The units were originally priced at $6.00. |
