Fortress Biotech, Inc.NASDAQ
Thu, Apr. 28, 10:12 AM
- In one of the more unusual mergers, Fortress Biotech (FBIO -3.7%) agrees to acquire all the stock of investment bank and asset management firm National Holdings (NHLD +39.8%) for $3.25 a share, a 44% premium over yesterday's close of $2.26. If the deal goes through (at least 80% of shares tendered), NHLD will cease being a public company.
- Fortress aims to use National's financial prowess to fund its growth and development into a world-class outfit. National aims to grow its diverse platform of services, including asset management, insurance, tax planning and mortgages.
- Last December, National was the target of a $3.50-per-share bid from CB Pharma Acquisition, headed by former NHLD Chairman Michael Weiss.
- Read now Implications Of Unsolicited Offer To Acquire National Holdings Corp.
Nov. 21, 2014, 11:46 AM
- CB Pharma Acquisition Corp. (CNLMU) files for an IPO of 4M units priced at $10 per unit. Each unit consists of one share of common stock, one right to purchase 1/10 of a share of common stock on the consummation of an initial business combination and one warrant to purchase 1/2 of one share of common stock at a full-share price of $11.50.
- The firm is a blank check company formed by Coronado Biosciences (CNDO +0.5%). It will seek business combinations via mergers, share exchanges, asset acquisitions, share purchases, recapitalizations or reorganizations.
- It has 18 months from the consummation of this offering to complete its initial business combination (up to 21 months in certain circumstances) or it will liquidate the trust account, distribute the proceeds to shareholders and dissolve.
- Per NASDAQ listing rules, the target business for the initial combination must have a fair market value equal to at least 80% of the value of the trust account.
- ETFs: IBB, BIB, IRY, BIS, IXJ, DRGS (NYSEARCA:IPO)