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Wednesday, April 21, 2021
In Mintz’s recent article “Public Benefit Corporations are Going Public,” we predicted that, as Special Purpose Acquisition Companies (“SPACs”) reemerge as an alternative to initial public offerings (“IPOs”), Public Benefit Corporations (“PBCs”) would start going public through the SPAC process. Not surprisingly, two PBCs have recently done just that, and it seems certain that more PBCs will follow. It is important to note, however, that regulators like the U.S. Securities and Exchange Commission (the “SEC”) are increasingly focused on SPAC oversight, which may slow the frequency of SPAC transactions as regulators issue new guidance and enforcement measures.
The love story between investors and Tech Stocks has cooled iheart.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iheart.com Daily Mail and Mail on Sunday newspapers.
Vivera has revealed itself. It is the Brazilian meat giant
JBS, giving itself a more future-oriented profile in the run-up to a new attempt to take its American operations to the stock exchange separately.
341 million euros for 85 million euros in sales
JBS will put 341 million euros on the table for Vivera, acquiring three factories and the research centre of the Dutch company. Not bad for a company which currently has a turnover of 85 million euros and is, at the moment, mainly dependent on sales in the Netherlands, Germany and the United Kingdom. In February, it was revealed that Vivera was involved in exclusive takeover talks, but the potential acquirer s name remained undisclosed.
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Special Purpose Acquisition Companies, or SPACs, have exploded on the financial markets over the last year or so, raising more than $100 billion so far in 2021 and already topping last year’s $82.1 billion total. Also known as a “blank check company,” SPACs are shell corporations listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process.
Though SPACs have been around since the 1990s, the capital raised last year alone by way of this strategy exceeded the amount raised in the entire previous history of these companies, with more than 130 SPACs going public so far in 2021. SPACs traditionally existed as a last resort for companies that would otherwise have had difficulties raising money on the open market. An example of this is WeWork, a provider of flexible shared workspaces and services for technology startups that plans to go public through a merger with a SPA