SPAC Info

MBF Healthcare Acquisition Corp (MBH) restructures transaction with Critical Homecare Solutions (CHS), lowering the acquisition enterprise value.

The restructured enterprise value is now estimated at $479 million, revised from the original estimated enterprise value of $534 million. CHS provided 2008 EBITDA guidance of $43 million to $45 million and 2009 EBITDA guidance of $53 million to $55 million.

MBH, CHS and the Sellers have agreed to set the termination date of the Stock Purchase Agreement as August 29, 2008, subject to the parties’ ability to secure a new committed credit facility on or before August 29, 2008, and MBH’s ability to acquire at least 16,171,875 warrants from certain MBH warrant holders in privately negotiated transactions and subsequently retire such warrants. If both of these conditions are met, the termination date will be extended to September 30, 2008.

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According to an article yesterday in the Washington Post, Fred Malek, the Washington-based private-equity, formerly of Northwest Airlines and Marriott Hotels, has joined up with Sports Properties Acquisition Corp, a $200 million SPAC priced in January of this year, to make a bid for the Chicago Cubs.

The targeted properties, including the baseball team, Wrigley Field and a a portion of a regional sports network, are expected to sell for over $1 billion.

Malek, 71, has joined up with some heavy hitters to try and win the bid, including Stanley Kreitman, Hank Aaron, Mario Cuomo, Andrew Murstein, Richard Mack, and Jack Kemp, all board members of the SPAC.

Click here for the WaPo article

Marathon Acquisition Corp. (Amex: MAQ.U and MAQ, and OTCBB: MAQ.WS) today announced that it has received the requisite consent to amend the Warrant Agreement governing its outstanding warrants to allow for the consummation of its merger with Global Ship Lease, clearing the way for the shareholder vote on August 12, 2008.

The amendment to the warrant agreement (1) amends the definition of “business combination” to include (A) the merger of Marathon with and into another entity and (B) a merger of Marathon into or with a non-U.S. entity and the subsequent business combination with another entity and (2) makes a conforming change to the merger provision to include a merger of Marathon into or with a non-U.S. entity.

Global Ship Lease currently owns 12 vessels and has contracts in place to purchase an additional five vessels for $437 million from CMA CGM four of which are expected to be delivered in December 2008 and one in July 2009. The merger transaction values Global Ship Lease and its seventeen vessel fleet at approximately $1.0 billion. Following stockholder and warrantholder approval of the merger, Marathon’s stockholders will own approximately 66% of Global Ship Lease and CMA CGM will own approximately 34%.

Click here for the press release