Roger Staubach, Sammy Hagar and a Dallas Stars exec join the blank check company frenzy
The Dallas-based company is among the new breed of ‘special purpose acquisition companies’ looking to spend money in the sports, entertainment and media industries.
Former Dallas Cowboys quarterback Roger Staubach speaks alongside former Dallas Cowboys running back Emmitt Smith during a panel discussion at the Dallas Regional Chamber s annual luncheon at the Hilton Anatole in Dallas on Thursday, Jan. 18, 2018. (Rose Baca/The Dallas Morning News)(Rose Baca / Staff Photographer)
Dallas Cowboys legend Roger Staubach, Van Halen rocker Sammy Hagar and the chairman of the Dallas Stars are joining the exploding trend of blank check companies and are looking to raise $250 million to spend on sports, entertainment and media companies.
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Lord Hill today published his recommendations following the UK Listings Review Call for Evidence in November 2020.
The recommendations cover the Listing Rules applicable to Special Purpose Acquisition Companies (SPACs), which were not the subject of a specific question in the Call for Evidence. In particular, the report recommends the removal of the presumption that trading in a SPAC s shares should be suspended on announcement of an acquisition.
Lord Hill’s report also recommends amending the liability regime applicable to issuers (including SPACs) and their directors to make it easier to include forward-looking financial information in prospectuses.
Is 2021 The Year Of SPACs In Asia? What You Need To Know - Corporate/Commercial Law mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Morning Brief (ET Bureau)
Arijit Barman | 31:06 Min | March 05, 2021, 8:00 AM IST
The frenzy of market listing via blank cheque companies has gripped companies worldwide and is now landing on Indian shores. Renew Power chairman Sumant Sinha and Girish Vanvari, founder of tax advisory firm Transaction Square, decode how Special Purpose Acquisition Companies work.
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Blank-check companies are increasingly looking to India for acquisition targets, which will keep the country’s recent dealmaking streak going, according to Nomura Holdings Inc.
ReNew Power last week agreed to merge with a US-listed special purpose acquisition company in a deal that will give India’s biggest renewable power producer an enterprise value of $8 billion. Online grocer Grofers is also looking to go public in the US through a merger with a blank-check company, Bloomberg News reported in February. “SPAC-led transactions are expected to increase in the coming years in India,” Utpal Oza, head of investment banking for India at Nomura, said in a phone interview. “Wherever you’ve got businesses which have caught the fancy of international investors especially in sectors such as renewables, tech or e-commerce, where the corporate structure enables it to be merged quite easily, you will see SPAC activity.”