On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs) | Zendy

Milan Lakićević | Zendy; Yochanan Shachmurove | Zendy; Miloš Vulanović | Zendy

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On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

Author(s) -

Milan Lakićević,

Yochanan Shachmurove,

Miloš Vulanović

Publication year - 2013

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.2221349

Subject(s) - initial public offering , underwriting , business , mergers and acquisitions , leveraged buyout , investment banking , accounting , finance , private equity , financial system

A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their structural response to regulations by the Security and Exchange Commission (SEC) in the late 1990s. SPACs were traded on American Stock Exchange and Overt the Counter Bulletin Board. Since 2008, SPACs are listed on New York Stock Exchange and National Association of Securities Dealers Automated Quotations. This paper examines the determinants of the execution of mergers by SPACs.

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