PROFILES OF CLOSED DEALS – MARCH 28, 2008
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 blank check company to complete an acquisition. 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 it was going to liquidate the company. The common shares of NationsHealth, which subsequent to the close of the acquisition traded as high as $8.33, last traded at $.29. The warrants expired worthless on August 24, 2007. The units were originally priced at $6.00.
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. The common shares, which traded as high as $6.29 subsequent to the acquisition, last traded at $1.78. The warrants expired worthless on February 11, 2008. The units were originally priced at $6.00.
Great Wall Acquisition Corporation, which raised $27.096 million when it went public on March 19, 2004, completed the acquisition of ChinaCast Education Corp (stock symbol: CAST), a China-based provider of e-learning services, on December 22, 2006.. The common shares and warrants last traded at $4.75 and $.90, respectively, giving the units, which last traded at $6.11, a value of $6.55. The units were originally priced at $6.00.
Chardan China Acquisition, which raised $24.15 million when it went public on March 17, 2004, completed its acquisition of four Chinese companies engaged in the production and sale of agricultural seeds on November 9, 2005 and changed its name to Origin Agritech Limited (stock symbol: SEED). On December 5, 2005, Origin redeemed its warrants, raising over $40 million when 8,041,000 of the 8,050,000 warrants were exercised at $5.00 per share. The common shares last traded at $5.30. If you assume that $.15 of value has been created from each of the two warrants (which had a strike price of $5.00), the original units, which were priced at $6.00 and are no longer trading, now have a value of $5.45. Subsequent to the close of the acquisition, the common shares of SEED traded as high as $18.35.
Tremisis Energy Acquisition Corp., which raised $37.95 million when it went public on May 13, 2004, closed on its acquisition of Ram Energy (stock symbol: RAME), Inc., an oil and gas company, on May 8, 2006. In February 2007, the company raised another $30 million when it sold 7.5 million shares at $4.00 per share. On November 29, 2007, RAME closed on a second acquisition, acquiring Ascent Energy, Inc. for $286 million. On December 27, 2008, Lawrence Coben, the founder of the company, raised $76 million when he took a second blank check company, Tremisis Energy Acquisition Corp., public. The common shares and warrants of Ram Energy last traded at $4.89 and $.11, respectively, giving the units, which no longer trade, a value of $5.11. The units were originally priced at $6.00.
Arpeggio Acquisition Corp., which raised $40.8 million when it went public on June 24, 2004, completed its acquisition of Hill International (stock symbol: HIL), a construction contractor, on June 28, 2006. Since the close of the transaction, HINT has made two significant acquisitions. On November 29, 2007, HINT redeemed its warrants, raising $67.9 million when its warrant holders exercised 13,577,601 warrants (out of 13,600,000) at $5.00 each. The common shares last traded at $12.45. If you assume that $7.45 of value has been created from each of the two warrants (which had a strike price of $5.00), the original units, which were priced at $6.00 and are no longer trading, now have a value of $27.35. The units were originally priced at $6.00.
Sand Hill IT Security Acquisition Corp., which raised $24.66 million when it went public on July 27, 2004, completed its acquisition of St. Bernard Software, Inc. (stock symbol: SBSW), a global provider of security solutions, including Internet and email filtering appliances, patch management and data backup, on July 27, 2006. The common shares and warrants last traded at $.60 and $.04, respectively, giving the units, which last traded at $.53, a value of $.68. The units were originally priced at $6.00.
Trinity Partners Acquisition, which raised $9.1 million when it went public on July 30, 2004, completed the acquisition of FreeSeas, Inc. (stock symbol: FREE), a shipping company, on December 15, 2005. The original offering consisted of two classes of securities. The registration of the old securities has since been terminated and new securities have been issued pursuant to a less complicated capital structure. In November 2007, the company raised $104.4 million in gross proceeds through the sale of 12,650,000 shares at $8.25 per share. The common shares last traded at $5.66. The Class W and Z warrants last traded at $1.80 and $1.60, respectively, giving the original Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50 and no longer trade, a value of $23.66. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10 and no longer trade, have a value of $14.52.
Rand Acquisition, which raised $27.6 million when it which went public on November 2, 2004, completed its acquisition of Lower Lakes Towing Ltd. and Grand River Navigation Company, Inc., two shipping companies operating on the Great Lakes, on March 6, 2006. It subsequently changed its name to Rand Logistics, Inc. (stock symbol: RLOG). On August 1, 2006, the company raised $13 million through the sale of 2,402,957 shares at $5.41 per share. During the spring of 2007, the company temporarily reduced the exercise price on its warrants from $5.00 to $4.50 per share. The holders of 3,964,965 warrants exercised their warrants, generating $17.8 million in gross proceeds for the company. The common shares and warrants last traded at $4.99 and $.33, respectively, giving the units, which last traded at $5.90, a value of $6.65. The units were originally priced at $6.00.
China Unistone Acquisition Corporation, which raised $20.7 million when it went public on November 24, 2004, completed its acquisition of two Chinese IT companies servicing the banking sector in China, on November 24, 2006, and changed its name to Yucheng Technologies (stock symbol: YCHTF). In June 2007, the company redeemed its warrants, raising $34.3 million when the holders of 6.9 million warrants exercised their warrants. The common shares last traded at $17.25. If you assume that $12.25 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $41.75.
International Shipping Enterprises, which raised $196.65 million when it went public on December 14, 2004, completed the acquisition of Navios Maritime Holdings, Inc. (stock symbol: NM), a vertically integrated shipping company, on August 25, 2005. Since the close of the transaction, NM has acquired additional ships and has used its public status to raise funds, including $112.5 million that was raised through the exercise of a portion of its warrants. On May 23, 2007, the company raised gross proceeds of $132.25 million when it sold 13,225,000 shares at $10.00 each. The common shares and warrants last traded at $9.80 and $5.19, respectively, giving the units, which no longer trade, a value of $20.18. The units were originally priced at $6.00.
On November 13, 2007, Navios Maritime Partners L.P (stock symbol: NMM) went public, raising $200 million through the sale of selling 10 million units at $20 per unit. NMM is a creation of Navios Maritime Holdings, Inc. At the close of the offering, NMM acquired seven ships form NM, which controls 41% of NMM’s shares and provide its managerial expertise to the venture. The units are currently trading at $14.92.
Ardent Acquisition Corporation, which raised $41.4 million when it went public on February 24, 2005, completed its acquisition of Aventair, Inc. (stock symbol: AAIR), a provider of fractional ownerships of piloted aircraft for personal and business use, on February 22, 2007. In November 2007, the company raised $11.3 million in a private placement of its convertible preferred stock. On November 30, 2008, the founder of Ardent Acquisition, Barry Gordon, raised $50.4 million when he took a second blank check company, North Shore Acquisition Corp., public. The common stock and warrants last traded at $2.95 and $.20, respectively, giving the units, which last traded at $3.01, a value of $3.35. The units were originally priced at $6.00.
Aldabra Acquisition Corporation, which raised $55.2 million when it went public on February 25, 2005, completed its acquisition of Great Lakes Dredge & Dock Corporation (stock symbol: GLDD), an international dredging company, on January 4, 2007. During the summer of 2007, redeemed its warrants, raising $91.9 million from the exercised of its warrants. On June 19, 2007, the principals of Aldabra Acquisition Corporation raised $414 million when they took a second blank check company, Aldabra 2 Acquisition Corp., public. Aldabra 2 subsequently acquired certain paper and packaging assets from Boise Cascade. The principals are looking to raise another $600 million with two additional blank check companies, Aldabra 3 and Aldabra 4, which are currently in registration. The common stock of GLDD last traded at $5.07. If you assume that $.07 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $5.21.
Mercator Partners Acquisition Corp., which raised $59.5 million when it went public on April 15, 2005, completed its acquisition of Global Telecom & Technology (stock symbol: GTLT), a telecom company, on October 20, 2006. The common shares last traded at $.38. The Class W and Z warrants last traded at $.04 and $.07, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which were originally priced at $10.50, but no longer trade, a value of $.78. The Class B units (consisting of two common shares and two Class Z warrants), which were originally priced at $10.10, but no longer trade, have a value of $.90.
Terra Nova Acquisition Corporation, which raised $33.12 million when it went public on April 19, 2005, completed its acquisition of ClearPoint Business Services (stock symbol: CPBR), a business services provider, on February 12, 2007. The common stock and warrants last traded at $1.40 and $.04, respectively, giving the units, which last traded at $2.10, a value of $1.48. The units were originally priced at $6.00.
KBL Healthcare Acquisition Corp. II , which raised $55.2 million when it when public on April 27, 2005, completed its acquisition of Summer Infant, Inc. (stock symbol: SUMR), a designer, marketer and distributor of branded durable health, safety and wellness products for infants and toddlers, on March 6, 2007. On July 23, 2007, the principals of KBL Healthcare Acquisition Corp. II raised $138 million when they took another blank check company, KBL Healthcare Acquisition Corp. III, public. The common stock and warrants of Summer Infant last traded at $3.83 and $.34, respectively, giving the units, which last traded at $4.69, a value of $4.51. The units were originally priced at $6.00.
Services Acquisition Corp. International, which raised $138 million when it went public on June 30, 2005, completed its acquisition of Jamba, Inc. (stock symbol: JMBA) on November 29, 2006. To help finance the transaction, the company raised gross proceeds of $231.6 million through the sale of 30,979,999 shares in a private placement at $7.50 per share. The common stock and warrants last traded at $2.63 and $.25, respectively, giving the units, which last traded at $2.83, a value of $2.88. The common shares have traded as high $12.87. The units were originally priced at $8.00.
Courtside Acquisition Corp., which raised $82.8 million when it went public on July 1, 2005, completed the acquisition of American Community Newspapers, LLC (stock symbol: ANE), a group of 73 publications, comprised of 60 weekly suburban newspapers, three daily newspapers and 10 niche publications, on July 2, 2007. The common shares and warrants last traded at $.76 and $.001, respectively, giving the units, which last traded at $1.00, a value of $.76. The units were originally priced at $6.00.
Oakmont Acquisition Corp., which raised $51.45 million when it went public on July 14, 2005, completed the acquisition of Brooke Credit Corporation (stock symbol: BRCR), a specialty finance company that lends money to locally owned companies that sell insurance, on July 18, 2007. (On August 1, 2006, Oakmont had announced that it was acquiring One Source Equipment Rentals LLC, a provider of industrial and construction equipment in the Midwest, but it terminated that agreement on January 17, 2007). The common stock and warrants last traded at $2.51 and $.15, respectively, giving the units, which last traded at $3.00, a value of $2.81. The units were originally priced at $6.00.
Israel Technology Acquisition Corp. , which raised $37.9 million when it went public on July 14, 2005, completed its acquisition of IXI Mobile, Inc. (stock symbol: IXMO.OB), a provider of data-centric mobile devices, on June 6, 2007. Subsequent to the close of the transaction, the company raised $9.7 million in a private placement of 2,703,000 shares. The common stock and warrants last traded at $3.15 and $.45, respectively, giving the units, which last traded at $3.00, a value of $4.05. The units were originally priced at $6.00.
Juniper Partners Acquisition Corp., which raised $17.4 million when it went public on July 15, 2005, completed its acquisition of Firestone Communications , which owns and operates Sorpresa!, an "in language" children's television network and digital community for Hispanic youth, on January 19, 2007. The company subsequently changed its name to Juniper Content Corporation (stock symbol: JNPC). As an incentive to obtain the approval of the Juniper shareholders, two of the principals of Firestone Communications purchased $6.5 million worth of Juniper shares in a series of private transactions. The common shares and Class W warrants last traded at $.75 and $.10, respectively, giving the Class A units (consisting of two common shares and ten Class W warrants), which no longer trade, a value of $2.50. The Class L warrants last traded at $.07, giving the Class B units (consisting of two common shares and two Class L warrants), which no longer trade, a value of $1.64. The Class A and Class B units were originally priced at $10.50 and $10.10, respectively.
Fortress America Acquisition Corp., which raised $46.8 million when it went public on July 15, 2005, completed its acquisition of Total Tech Solutions and Vortech LLC, providers of comprehensive services for the planning, design, and development of mission critical facilities and information infrastructure, on February 19, 2007. The company subsequently changed its name to Fortress Information Group (stock symbol: FIGI) On October 24, 2007, C. Thomas McMillen, the founder of Fortress America Acquisition, raised $80 million when he took another blank check company, Secure America Acquisition,. The common stock and warrants of Fortress International last traded at $4.29 and $.40, respectively, giving the units, which last traded at $5.30, a value of $5.09. The units were originally priced at $6.00.
Healthcare Acquisition Corp.,,which raised $75.2 million when it went public on July 28, 2005, completed its acquisition of PharmAthene, Inc. (stock symbol: PIP), self-described as “a leading biodefense company specializing in the development and commercialization of medical countermeasures against biological and chemical terrorism”, on August 3, 2007. As an incentive to the shareholders of Healthcare Acquisition to approve the transaction, certain of the company’s insiders and shareholders of PharmAthene agreed to purchase up to 2,800,00 shares (at approximately $7.60 per share) held by shareholders who intended to vote against the acquisition. The common shares and warrants last traded at $2.92 and $.47, respectively, giving the units, which no longer trade, a value of $3.39. The units were originally priced at $8.00.
Chardan China North Acquisition Corp., which raised $$34.5 million when it went public on August 4, 2005, completed its acquisition of HLS Systems International Ltd. (stock symbol: HLSYF), a company that sell automotive automation systems into the Chinese market, on September 20, 2007. In December 2007, the company redeemed its warrants, raising $57.2 through the exercise the exercise of its warrants. The common stock last traded at $7.80. If you assume that $2.80 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $13.40.
Chardan China South Acquisition Corp., which raised $34.5 million when it went public on August 4, 2005, completed its acquisition of 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 on January 24, 2007 and changed its name to A-Power Energy Generation Systems (stock symbol: APWR). In March 2008, the company announced the redemption of its warrants, hoping to raise $57.5 million when the redemption period expired on March 31, 2008. The common stock last traded at $15.30. If you assume that $10.30 of value has been created from each of the two warrants (which had a strike price of $5.00 per share), the original units, which were priced at $6.00 and are no longer trading, now have a value of $35.90.
Stone Arcade Acquisition Corp., which raised $120 million when it went public on August 16, 2005, completed its acquisition of the kraft papers business of International Paper, on January 2, 2007. The company subsequently changed its name to KapStone Paper and Packing Corp. (stock symbol: KPPC). When the transaction closed, Roger Stone, the Chairman and CEO of the company, indicated that the company would be looking for additional companies to acquire. The common stock and warrants last traded at $6.53 and $1.69, respectively, giving the units, which no longer trade, a value of $9.91. 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. The common stock and warrants last traded at $1.80 and $.35, respectively, giving the units, which last traded at $3.25, a value of $2.50. 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. The common stock and warrants last traded at $1.08 and $.03, respectively, giving the units, which last traded at $1.50, a value of $1.14. The units were originally priced at $6.00.
Coconut Palm Acquisition Corp., which raised $69 million when it went public on September 9, 2005, completed its acquisition of Equity Broadcasting Corporation, one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media, on April 2, 2007. The company subsequently changed its name to Equity Media Holdings Corp. (stock symbol: EMDA). In June 2007, the company raised $9 million through the sale of 1,406,250 shares in a private placement. The common stock and warrants last traded at $2.05 and $.08, respectively, giving the units, which last traded at $2.50, a value of $2.21. The units were originally priced at $6.00.
Federal Services Acquisition Corp., which raised $126 million when it went public on October 20, 2005, completed its acquisition of Advanced Technology Systems, Inc., a provider of systems integration and application development, IT infrastructure management and strategic IT consulting services to U.S. federal government agencies, on January 17, 2007. The company subsequently changed its name to ATS Corporation (stock symbol: ATCT). As an incentive to the shareholders of Federal Services to approve the transaction, the founders agreed to return 2,625,000 of their shares to the company for $.011 per share, reducing their overall position by 50%. The company has subsequently purchased and retired an additional 5,717,755 shares at a cost of approximately $30.3 million. The common stock and warrants last traded at $2.60 and $.10, respectively, giving the units, which last traded at $2.68, a value of $2.80. The units were originally priced at $6.00.
Paramount Acquisition Corp. (stock symbol: PMQC), which raised $58.65 million when it went public on October 24, 2006, completed the acquisition of Chem Rx, a long-term care pharmacy servicing the New York metropolitan area, on October 23, 2007. As an incentive to the shareholders of Paramount to approve the transaction, certain of the Chem Rx insiders agreed to provide put options for up to 5,879,998 shares at a price not to exceed $6.00 per share to certain institutional investors in exchange for a “yes” vote on the acquisition. The common shares and warrants last traded at $5.20 and $.68, respectively, giving the units, which last traded at $6.45, a value of $6.56. The units were originally priced at $6.00.
Platinum Energy Resources, Inc. (stock symbol: PGRI), which raised $115.2 million when it went public on October 25, 2005, completed its acquisition of Tandem Energy Holdings, an oil and gas company, on November 1, 2007. As an incentive to the shareholders of Platinum Energy to approve the transaction, an affiliate of one of the insiders agreed to purchase up to 2,000,000 shares from certain of the investors. The common shares and warrants last traded at $4.70 and $1.10, giving the units, which last traded at $6.00, a value of $5.80. The units were originally priced at $8.00.
Endeavor Acquisition Corp., which raised $129,285,960 when it went public on December 15, 2005, completed its acquisition of American Apparel, Inc. (stock symbol: APP), a leading domestic vertically-integrated manufacturer and retailer of cotton fashion basics and the largest T-shirt manufacturer in the United States on December 12, 2007. In March 2008, the company called for the redemption of its warrants. Of the 16.4 million warrants that were outstanding, approximately 5.2 million were exercised using a cashless exercise option. Approximately 10.9 million warrants were exercised by paying the cash exercise price of $6 per warrant, raising gross proceeds of approximately $66.8 million. The common shares last traded at $9.15. If you assume that $3.15 of value has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a value of $12.30.
Star Maritime Acquisition Corp., which raised $200 million when it went public on December 16, 2005, completed its acquisition of eight drydock carriers from TMT Co on November 30, 2007 and changed its name to Star Bulk Carriers Corp. (stock symbol: SBLK). The common stock and warrants last traded at $11.46 and $3.65, respectively, giving the units, which no longer trade, a value of $15.11. The units were originally priced at $8.00.
Boulder Specialty Brands, Inc., which raised $102.1 million when it went public on December 19, 2005, completed its acquisition of GFA Brands, Inc., the marketer of Smart Balance, a line of heart-healthy foods, on May 21, 2007. The company subsequently changed its name to Smart Balance, Inc. (stock symbol: SMBL) Prior to the close of the acquisition, the company completed a private placement that generated net proceeds in excess of $246 million. In December 2007, the company redeemed its outstanding warrants and raised gross proceeds of $76.5 million. The common shares last traded at $7.95. If you assume that $1.95 of value has been created from exercise of the warrant (which had a strike price of $6.00 per share), the original units, which were priced at $8.00 and are no longer trading, now have a value of $9.90.
Argyle Security Acquisition Corp. (stock symbol: ARGL), which raised $30.6 million when it went public on January 25, 2006, completed its acquisition of ISI Security Group, a solutions provider to the physical security industry, on July 31, 2007. The common shares and warrants last traded at $7.00 and $1.70, respectively, giving the units, which last traded at $8.15, a value of $8.70. The units were originally priced at $8.00.
Highbury Financial, Inc. (stock symbol: HBRF), which raised $47.5 million when it went public on January 25, 2006, completed the acquisition of the U.S. mutual fund business of ABN AMRO on November 30, 2006. The common stock and warrants last traded at $2.90 and $.20, respectively, giving the units, which last traded at $3.25, a value of $3.10. The units were originally priced at $6.00.
SI has an active HBRF thread at:
Subject 57050
Global Logistics Acquisition Corporation (stock symbol: GLA), which raised $88 million when it went public on February 16, 2006, announced on February 11, 2008 that it had received shareholder approval for its acquisition of The Clark Group, a "provider of mission- critical supply chain solutions to the print media industry." As an incentive for third party investors to purchase 2,380,000 shares from holders who have indicated that they are opposed to the transaction, certain of the insiders agreed to give up 380,000 of their shares. The common stock and warrants last traded at $3.90 and $.22, respectively, giving the units, which last traded at $4.01, a value of $4.12. The units were originally priced at $8.00.
India Globalization Capital, Inc. (stock symbol: IGC), which raised $67,827,000 when it went public on March 3, 2006, completed its acquisitions of majority interests in Siricon Infrastructure Limited Techni Bharathi Limited, both of which are India based engineering and construction companies. As an incentive to third party investors to purchase 2.5 million shares of common stock to be voted in favor the transactions, the insiders offered to transfer ownership of 2.5 million of their shares. The common stock and warrants last traded at $4.30 and $.64, respectively, giving the units, which last traded at $5.29, a value of $5.58. 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. (stock symbol: JAZ). 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. The common shares and warrants last traded at $.61 and $.01, respectively, giving the units, which last traded at $.63, a value of $.63. The units were originally priced at $6.00.
Echo Healthcare Acquisition Corp., which raised $57.5 million when it went public on March 17, 2006, completed its acquisition of XLNT Veterinary Care, Inc., an entity which owns a chain of animal hospitals, on January 7, 2008. The company subsequently changed its name to Pet DRx Corporation (stock symbol: PDXC). The transaction was approved only after certain of the Echo Healthcare and XLNT insiders agreed to give up as many as 1,150,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common shares and warrants last traded at $4.05 and $.60, respectively, giving the units, which last traded at $4.61, a value of $4.65. The units were originally priced at $8.00.
General Finance Corp. (stock symbol: GFN), which raised $69 million when it went public on April 5, 2006, completed its acquisition of Royal World Trading Australia Pty Limited, an Australian corporation engaged in the sale and leasing of portable storage containers, portable container buildings and freight containers, on September 11, 2007. The common shares and warrants last traded at $7.00 and $1.70, respectively, giving the units, which last traded at $8.50, a value of $8.70. The units were originally priced at $8.00.
HAPC, Inc., formerly Healthcare Acquisition Partners, which raised $101.3 million when it went public on April 12, 2006, completed its acquisition of InfuSystem Holdings, Inc. (stock symbol: INHI), a nationwide leader in ambulatory infusion pump management services to oncologists, on October 24, 2007. Prior to the shareholder vote, InfuSystem agreed to a reduction in the purchase price of approximately 20%. The common shares and warrants last traded at $2.50 and $.19, respectively, giving the units, which last traded at $3.02, a value of $2.88. 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, completed its acquisition of minority interests in SMC Global Securities and an affiliate, two Indian financial services companies, on January 22, 2008. The transaction was approved only after certain of Millennium India Acquisition insiders agreed to give up as many as 900,000 of their shares to third party investors who indicated that they would be willing to purchase up to 3,000,000 shares from shareholders who were going to vote against the transaction. The common stock and warrants last traded at $4.77 and $1.30, respectively, giving the units, which last traded at $6.31, a value of $6.07. The units were originally priced at $8.00.
Freedom Acquisition Holdings, which raised $528 million when it went public on December 22, 2006, completed its acquisition of GLG Partners, Inc. (stock symbol: GLG), the largest independent alternative asset manager in Europe and one of the largest in the world, on November 2, 2007. The common stock and warrants last traded at $11.93 and $4.63, respectively, giving the units, which last traded at $16.52, a value of $16.56. The units were originally priced at $8.00.
Information Services Group (stock symbol: III), which raised $258,750,000 when in went public on February 1, 2007, completed its acquisition of TPI, self-described as "the largest independent sourcing advisory firm in the world focusing on the design, implementation and management of sourcing strategies for major corporate clients," on November 16, 2007. The common stock and warrants last traded at $5.14 and $.66, respectively, giving the units, which no longer trade, a value of $5.80. The units were originally priced at $8.00.
Symmetry Holdings, Inc., which raised $150,000,000 when it went public on March 8, 2007, completed its acquisition of Novamerican Steel (stock symbol: TONS), which processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal, on November 15, 2007. To finance the $585.2 million transaction, Symmetry had to tap into the credit markets for $500 million. The common shares and warrants last traded at $3.06 and $.45, respectively, giving the units, which no longer trade, a value of $3.51. The units were originally priced at $8.00.
Aldabra 2 Acquisition Corp., which raised $414 million when it went public on June 19, 2007, completed its acquisition of certain paper and packaging assets from Boise Cascade on February 22, 2008 and changed its name to Boise, Inc. (stock symbol: BZ). Prior to the approval of the transaction, certain affiliates of the Boise entered into Contingent Value Rights agreements with 40 institutional investors as an incentive to get them to vote in favor of the transaction. The common stock and warrants last traded at $6.39 and $1.10, respectively, giving the units, which no longer trade, a value of $7.49. The units were originally priced at $10.00. |
