PROFILES OF OPEN DEALS – NOVEMBER 23, 2007
Chardan China South Acquisition Corp. (stock symbol: CSCA), which raised $34.5 million when it went public on August 4, 2005, announced on April 14, 2007 that it was acquiring Head Dragon Holdings Limited, the largest private Chinese engineering company providing design, construction, installation, and operating expertise for distributed power generation and micro power networks in China. The company expects to close on the acquisition during the fourth quarter of 2007. The common stock and warrants last traded at $12,90 and $7.38, respectively, giving the units, which last traded at $28.90, a value of $27.66. The units were originally priced at $6.00.
Endeavor Acquisition Corp. (stock symbol: EDA), which raised $129,285,960 when it went public on December 15, 2005, announced on December 18, 2006 that it was acquiring American Apparel, a leading domestic vertically-integrated manufacturer and retailer of cotton fashion basics and the largest T-shirt manufacturer in the United States. The company has scheduled its shareholder vote for December 12, 2007. The common stock and warrants last traded at $12.85 and $6.01, respectively, giving the units, which last traded at $18.75, a value of $18.86. The units were originally priced at $8.00.
Star Maritime Acquisition Corp. (stock symbol: SEA), which raised $200 million when it went public on December 16, 2005, announced on January 12, 2007 that it had reached an agreement to acquire eight drydock carriers from TMT Co. The company has scheduled its shareholder vote for November 27, 2007. The common stock and warrants last traded at $14.99 and $6.21, respectively, giving the units, which no longer trade, a value of $21.20. The units were originally priced at $8.00.
Global Logistics Acquisition Corporation (stock symbol: GLA), which raised $88 million when it went public on February 16, 2006, announced on May 18, 2007 that it had reached an agreement to acquire The Clark Group, a "provider of mission- critical supply chain solutions to the print media industry." The company “expects” to complete the transaction by December 15, 2007, though it has not yet scheduled its shareholder meeting. The common stock and warrants last traded at $7.85 and $.72, respectively, giving the units, which last traded at $8.50, a value of $8.57. The units were originally priced at $8.00.
Grubb & Ellis Realty Advisors, Inc. (stock symbol: GAV), which raised $143,750,004 when it went public on February 27, 2006, announced on June 18, 2007, that it had reached an agreement to acquire three properties from its sponsor, Grubb & Ellis Company. While the company has filed its preliminary proxy materials, it has not yet set a date for its shareholder meeting. The common stock and warrants last traded at $5.86 and $.21, respectively, giving the units, which last traded at $6.25, a value of $6.28. The units were originally priced at $6.00.
India Globalization Capital, Inc. (stock symbol: IGC), which raised $67,827,000 when it went public on March 3, 2006, announced on February 12, 2007 that it had reached an agreement to acquire a 57% interest in MBL Infrastructure Limited an Indian road building and maintenance contractor. It is also acquiring some wind energy assets from Chiranjjeevi Wind Energy Limited. The company expects the transaction to close during the early part of 2008. No date has been set for the shareholder meeting. The common stock and warrants last traded at $5.80 and $.40, respectively, giving the units, which last traded at $6.49, a value of $6.60. The units were originally priced at $6.00.
Echo Healthcare Acquisition Corp. (stock symbol: EHHA), which raised $57.5 million when it went public on March 17, 2006, announced on September 11, 2006 that it had reached an agreement to acquire XLNT Veterinary Care, Inc., an entity which owns a chain of animal hospitals. The company has scheduled a December 12, 2007 shareholder meeting to vote on the acquisition. The common shares and warrants last traded at $7.96 and $1.15, respectively, giving the units, which last traded at $9.08, a value of $9.11. The units were originally priced at $8.00.
North American Insurance Leaders, Inc. (stock symbol: NAO), which raised $115 million when it went public on March 23, 2006, announced on August 10, 2007 that it had reached an agreement to acquire Deep South Holding L.P., and insurance company with 2,000 independent agents doing business in 24 states. While the company has filed its preliminary proxy materials, it has not yet set a date for a shareholder meeting. The common shares and warrants last traded at $7.80 and $.67, respectively, giving the units, which last traded at $8.45, a value of $8.47. The units were originally priced at $8.00.
Phoenix India Acquisition Corp. (stock symbol: PXIA), which raised $57,387,496 when it went public on March 31, 2006, announced on October 4, 2007, that it had reached an agreement to acquire Source Global LLC, an international IT outsourcing company. The company has not yet set a date for its shareholder meeting. The common shares and warrants last traded at $7.73 and $.44, respectively, giving the units, which last traded at $8.18, a value of $8.17. The units were originally priced at $8.00.
Jaguar Acquisition Corporation (stock symbol: JGAC), which raised $28,300,002 when it went public on April 10, 2006, announced on October 31, 2007 that it had reached an agreement to acquire China Cablecom Ltd., a cable network operator in China. The company has not yet set a date for its shareholder meeting. The common shares and warrants last traded at $6.40 and $2.20, respectively, giving the units, which last traded at $10.75, a value of $10.80. The units were originally priced at $6.00.
JK Acquisition Corp. (stock symbol: JKA), which raised $81.35 million when it went public on April 11, 2006, announced on September 7, 2006 that it had reached an agreement to acquire Multi-Shot LLC, an independent directional drilling services company with an established presence in most major producing onshore oil and gas basins in the United States. The parties have amended the acquisition agreement twice and recently settled a lawsuit. The company has not yet set a date for the close of the transaction, though it has stated that it expects the deal to close before January 31, 2008. The common shares and warrants last traded at $5.89 and $.33, respectively, giving the units, which last traded at $6.38, a value of $6.55. The units were originally priced at $6.00.
Asia Automotive Acquisition Corp. (stock symbol: AAAC), which raised $40,250,000 when it went public on April 12, 2006, announced on July 24, 2007 that it had reached an agreement to acquire Hunan TX Enterprise Co., Ltd., “the largest independent Chinese supplier of Engineered Vehicle Body Structures ("EVBS") capable of providing products for both light and commercial vehicles in addition to designing, fabricating and testing dies used to stamp automotive body panels.” While the company has filed its preliminary proxy materials, it has not yet set a date for the close of the transaction. The common shares and warrants last traded at $8.20 and $2.95, respectively, giving the units, which last traded at $10.96, a value of $11.15. The units were originally priced at $8.00.
Global Services Partners Acquisition Corp. (stock symbol: GSPA and GSPAB), which raised $34,109,000 when it went public on April 20, 2006, announced on October 24, 2007, that it had reached an agreement to acquire two unidentified companies. The Class A common shares and Class W warrants last traded at $1.60 and $.07, respectively, giving the Class A units (consisting of two Class A common shares and ten Class W warrants), which last traded at $5.40, a value of $3.90. The Class B common shares and Class Z warrants last traded at $5.12 and $.27, respectively giving the Class B units (consisting of two Class B common shares and two Class L warrants), which last traded at $10.40, a value of $10.78. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively.
Shanghai Century Acquisition Corp. (stock symbol: SHA), which raised $115 million when it went public on April 25, 2006, announced on May 28, 2007 that it had reached an agreement to acquire Sichuam Kelum Pharmaceutical, China's largest producer of IV solutions. While the company has filed its preliminary proxy materials, it has not yet set a date for its shareholder meeting. The common stock and warrants last traded at $8.21 and $1.80, respectively, giving the units, which last traded at $10.00, a value of $10.01. The units were originally priced at $8.00.
Harbor Acquisition Corp. (stock symbol: HAC), which raised $82.8 million when it went public on April 25, 2006, announced on December 18, 2006 that it had reached an agreement to acquire Elmet Technologies, Inc., a company which provides innovative refractory metal solutions to OEMs serving such industries as data storage, semiconductor, medical, electronics and lighting. The company has scheduled its shareholder meeting on November 30, 2007. The common shares and warrants last traded at $5.68 and $.33, respectively, giving the units, which last traded at $6.75, a value of $6.34. The units were originally priced at $6.00.
Ascend Acquisition Corp. (stock symbol: ASAQ), which raised $41,400,000 when it went public on May 12, 2006, announced on July 31, 2007 that it had reached an agreement to acquire e.PAK Resources (S) Pte. Ltd., a full-service supplier of semiconductor transfer and handling products. The company, which expects the deal to close during the first quarter of 2008, has not yet filed any proxy materials. The common stock and warrants last traded at $5.70 and $.68, respectively, giving the units, which last traded at $6.75, a value of $7.08. The units were originally priced at $8.00.
H D Partners Acquisition Corporation (stock symbol: HDP), which raised $150 million when it went public on June 2, 2006, announced on May 30, 2007 that it had reached an agreement to acquire the National Hot Rod Association, the primary sanctioning body for the sport of drag racing in the United States with 140 member tracks. While the company has filed its preliminary proxy materials, it has not yet set a date for the shareholder meeting. The company expects to close the transaction by December 31, 2007. The common stock and warrants last traded at $7.65 and $.83, respectively, giving the units, which last traded at $8.40, a value of $8.49. The units were originally priced at $8.00.
Community Banker Acquisition Corp. (stock symbol: BTC), which raised $60 million when it went public on June 5, 2006, announced on September 6, 2007 that it had reached an agreement to acquire TransCommunity Financial Corporation, a community oriented Virginia based banking organization. The company has not yet filed any proxy materials for the shareholder meeting. The common stock and warrants last traded at $7.42 and $.46, respectively, giving the units, which last traded at $7.79, a value of $7.88. The units were originally priced at $8.00.
Affinity Media International Corp. (stock symbol: AFMI), which raised $20,475,000 when it went public on June 6, 2006, announced on July 25, 2007 that it had reached an agreement to acquire Hotels At Home, a publisher of in-room retail catalogues and hotel-branded e-commerce Web sites for luxury hotels and resorts worldwide. While the company has filed its preliminary proxy materials, it has not yet set a date for its shareholder meeting. The common stock and warrants last traded at $5.76 and $.42, respectively, giving the units, which last traded at $6.90, a value of $6.60. The units were originally priced at $6.00.
Millennium India Acquisition Corporation (stock symbol: MQC), which raised $58 million when it went public on July 21, 2006, announced on May 15, 2007 that it had reached an agreement to acquire a minority interest in SMC Group, a Indian leading financial services company. While the company has filed its preliminary proxy materials, it has not yet set a date for its shareholder meeting. The common stock and warrants last traded at $7.68 and $.30, respectively, giving the units, which last traded at $7.92, a value of $7.98. The units were originally priced at $8.00.
NTR Acquisition Corp. (stock symbol: NTQ), which raised $245,572,050 when it went public on January 31, 2007, announced on November 5, 2007 that it had reached an agreement to acquire Kern Oil & Refining Co., an independent petroleum refining and marketing company. The common stock and warrants last traded at $9.67 and $1.26, respectively, giving the units, which last traded at $10.75, a value of $10.93. The units were originally priced at $8.00.
Oceanaut, Inc. (stock symbol: OKN), which raised $155 million when it went public on March 1, 2007, announced on October 15, 2007 that it had reached an agreement to acquire nine dry bulk carrier vessels. The common stock and warrants last traded at $8.08 and $2.24, respectively, giving the units, which last traded at $10.31, a value of $10.32. The units were originally priced at $8.00.
Aldabra 2 Acquisition Corp. (stock symbol: AII), which raised $414 million when it went public on June 19, 2007, announced on September 7, 2007, that it had reached an agreement to acquire certain paper and packaging assets from Boise Cascade. While the company has filed its preliminary proxy materials, it has not yet set a date for the shareholder meeting. The common stock and warrants last traded at $9.54 and $2.36, respectively, giving the units, which last traded at $11.80, a value of $11.90. The units were originally priced at $10.00. |
