BHG ACQUISITION CORP., another special purpose acquisition company, or SPAC, has filed to come public via an IPO. It plans to sell some 35 million units for $10.00 per unit, with each unit representing one share of common stock and one warrant with a $7.50 strike price. It will also give underwriters an overallotment of 5,250,000 units. Credit Suisse and Deutsche Bank are the two underwriters.
This blank check company was just formed on February 26, 2008. No stock ticker has been assigned, although it does note an AMEX listing. The filing notes that no businesses have been identified and that no restrictions to industry will apply, but the company will focus on sound businesses with strong competitive positioning, ones with strong and stable cash flow, and with experienced management teams. As this doesn’t even list an "initial efforts" for any industry, this is a true blank check company.
Chairman, chief executive officer, president and secretary is Clifton S. Robbins, founder and Chief Executive Officer of Blue Harbour Group, L.P., an investment management firm based in Greenwich, Connecticut. He has served on boards of directors of companies including RJR Nabisco, Inc., The Stop & Shop Companies, Inc., Newsquest plc., IDEX Corp., ESPN, Inc., Kindercare Learning Centers, Inc., and Borden, Inc.
Jon C. Ogg
March 13, 2008