Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, April 23, 2007

SPACs the Next Big Thing?

Blank check companies, also known as Special Purpose Acquisition Companies (SPACs), are in the news today.  Twenty of them have done IPOs so far in 2007, raising $2.1 billion.  They generally require the company to make an acquisition within two years, and the acquisition is subject to shareholders' approval.  Former executives of media companies are principals in a number of these SPACs.  See WSJ,  'Blank-Check' Firms Gain Favor; NYTimes, Former Media Executives Give New Life to ‘Blank Check’ Corporations.

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