Only in the last few years, the term SPAC in Europe has arrived. Only in the last few years, the term SPAC in Europe has arrived. He is the acronym for special purpose acquisition company and stands for a publicly traded company, which was launched with the purpose in life to acquire and thus borsengangig to make an other target company. The initiators collect a SPAC in advance of the SPAC Exchange Ganges investor money that will be parked at a bank. Then, they embark on the search for a suitable acquisition candidates. Find no will be liquidated after 2 years of the SPAC and repaid the remaining capital to investors.
If a company is found, is the annual general meeting of the SPAC through the acquisition. Opponents can then usually being eliminated. In the course of the takeover, the initiators mostly get a bonus in the form of shares of the SPAC or can convert received options into shares in the start-up phase. After the acquisition, the purchased company on the SPAC is fused, so that the purchased SPAC Company and it is now listed. A company can receive a listing through a stock exchange coat. One speaks of a stock exchange coat, if it is a company that exists only as a legal cover, but its shares on a stock exchange record.
By merger or contribution in kind of shares of an active business in such a case, a company a listing and thus tradable shares can also receive. By the same author: Roubini Global Economics. The main difference between the two is that a SPAC is applied from the outset on a change of ownership of the active target. When using a stock coat, it is rather the case that the previous entrepreneurs want to take advantage of the added value of stock exchange listing itself. It can also occur with a stock exchange coat, this is used when a company purchase, if a buyer to invest due to its investment guidelines only in listed company. Due to the significant cost of SPAC, this is useful only for larger transactions. Both have one for Investors together, it is an investment in the skills of the initiators. Where it is incomparably more difficult for good stock coats to get near share the book value as at SPACs.