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Article: Steel Partners Blank-Check Firm Buys Wash. Bank
- Article from:
- Reuters Hedgeworld
- Article date:
- July 31, 2009
CopyrightCopyright 2009 Reuters Hedgeworld. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK (Reuters) - A blank-check company controlled by hedge
fund manager Warren Lichtenstein will acquire Frontier Financial
Corp., a troubled Washington state bank with $4 billion in assets.
The deal is the latest in a recent series of financial services
takeovers by so-called special purpose acquisition vehicles, listed
companies that raise capital with the sole purpose of pursuing
takeovers.
SP Acquisition Holdings Inc., announcing the deal on Friday [July
31], said it would swap 0.053 share and 0.053 warrant with an
exercise price of $11.50 a share for each Frontier common share.
SPAH has about $429 million in assets.
Stockholders of the Everett, Wash., bank will receive 2.5 ...