Tuesday was a busy IPO FILING date for blank check companies.
Third Wave Acquisition Corp. has filed for an initial public offering to sell 35,000,000 million units to raise $350 million, with each unit consisting of one share and one warrant. Deutsche Bank Securities is listed as the sole lead managing underwriter as of the filing. This is another special purpose acquisition company (or "SPAC") that intends to acquire or merge with an outside company. Its proposed ticker is "TWV" on the American Stock Exchange.
"Our efforts in identifying prospective target businesses will not be limited to a particular industry, but we will not complete a business combination with any target business that is engaged in the real estate, lodging and/or hospitality, energy, or infrastructure industries. We will focus primarily on industries and target businesses that may provide significant opportunity for growth." That is sure descriptive.
"Mr. Sternlicht, our Chairman & CEO, has extensive experience in identifying, negotiating and structuring acquisitions of, and investments in, businesses. Over the past 14 years, Mr. Sternlicht has structured more than 275 separate investment transactions with a cost basis of more than $30 billion. These investments have been made in assets and operating companies across a variety of industries and asset classes, including real estate and lodging, structured finance, power transmission and generation, consumer products, luxury goods, intellectual property, and technology. Mr. Sternlicht is the founder, Chairman and Chief Executive Officer of Starwood Capital Group, a private investment firm primarily focused in the real estate, lodging and energy infrastructure sectors. In addition to its traditional real estate investment activities, Starwood Capital Group has recently formed Starwood Energy Partners and is a leader in power transmission distribution. Starwood’s funds control the nation’s largest golf course operators, American Golf and Troon Golf. Mr. Sternlicht has pre-existing fiduciary and contractual obligations to Starwood Capital Group, and, pursuant to such obligations, we will not compete for target businesses with Starwood Capital Group or its related investment funds. Additionally, Starwood Capital Group and its related investment funds will not serve as a source of potential acquisition candidates or financing for us."
If you wish to join our open email distribution list we often provide more detailed IPO and spin-off coverage. These are frequently lead-ins to our subscriber-based "Special Situation Investing Newsletter" where we cover buyouts, spin-offs, back-door plays into IPO’s, reorganizations, and more.
Jon C. Ogg
November 21, 2007
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