Monthly Archives: April 2011

InfoSpace Reports Strong Results

(INSP has a market cap of $320 mm.  We had highlighted this idea via a company report on March 12, 2011. We strongly suggest that you read our report, if you haven’t already.) InfoSpace Announces First Quarter 2011 Results BELLEVUE, Wash., April 27, 2011 (BUSINESS WIRE) — InfoSpace, Inc. (NASDAQ: INSP) today announced financial results for the first quarter ended…

Aleris Files for IPO

(Aleris filed Chapter 11 on 2/5/10 and emerged on 6/1/10) BEACHWOOD, Ohio, April 26, 2011 /PRNewswire/ — Aleris Corporation, parent company of Aleris International, Inc., today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common…

Discovery Asks Tier Tech to Engage IBankers

(See earlier posts dated 2/22/11, 1/21/11 and 11/2/10 on Tier Technologies; TIER; )   April 25, 2011 Board of Directors Tier Technologies 11130 Sunrise Valley Drive Suite 300 Reston, VA 20191 Dear Directors: As the largest shareholder in Tier Technologies, we are writing to our directors to provide an explicit recommendation for the agenda at…

Western’s Actions Induce Tender at H&Q Life Sciences

See earlier post Western Investments Dissatisfied with H&Q Life Sciences dated 1/4/11. On April 25, 2011, certain of the Reporting Persons (“Western”) entered into an Agreement with Hambrecht & Quist Capital Management LLC (“Hambrecht & Quist”), the investment advisor to the Issuer, pursuant to which Hambrecht & Quist agreed to use its reasonable best efforts to…

New Vernon’s Filing on ChinaEdu Corp

ChineEdu (CEDU) has a market cap of $116 mm and an EV of $64 mm.  New Vernon is an 8.2% Holder. Purpose of Transaction The Reporting Persons purchased ADSs from time-to-time between August 8, 2008 and March 1, 2011. At the time of such purchases, the Reporting Persons believed the ADSs were undervalued and represented…

Western’s Actions Induce Tender at H&Q Life Sc

See earlier post Western Investments Dissatisfied with H&Q Life Sciences dated 1/4/11. On April 25, 2011, certain of the Reporting Persons (“Western”) entered into an Agreement with Hambrecht & Quist Capital Management LLC (“Hambrecht & Quist”), the investment advisor to the Issuer, pursuant to which Hambrecht & Quist agreed to use its reasonable best efforts to…

L-3 Comm Announces $1.5B Buyback

NEW YORK–(BUSINESS WIRE)– L-3 Communications Holdings, Inc. (NYSE:LLL – News) announced today that its board of directors has authorized a new share repurchase program allowing the company to repurchase up to an additional $1.5 billion of the company’s common stock through April 30, 2013. This new share repurchase initiative is effective immediately and represents L-3’s…

Hospira Authorizes $1B Buyback

 HSP has a market cap of $9.7 Billion and an EV of $10.8 Billion. LAKE FOREST, Ill., April 25, 2011 /PRNewswire/ — Hospira, Inc. (NYSE:HSP – News), a global specialty pharmaceutical and medication delivery company, today announced that its board of directors has authorized the repurchase of up to $1 billion of the company’s common…

Yahoo! Considering Spinoff

(Yahoo has a market cap of $22.6 billion and an EV of $19.6 billion…but that calculation apparently includes certain under-valued assets.  Read a recent write-up from VIC below.) Source: paidcontent.org: Yahoo is considering spinning off its Hadoop engineering unit into a standalone entity that would continue to develop the open source Java-based software and generate fees…

Blackhorse Offers a Solution & Celera’s (Non) Response..

(See our earlier post dated April 8, 2011.) April 19, 2011 Kathy Ordoñez Chief Executive Officer & Member of the Board Celera Corporation 1401 Harbor Bay Parkway Alameda, California 94502 Re: Proposed Acquisition of Odanacatib Dear Ms. Ordoñez: I am the Manager of Black Horse Capital Management LLC (“Black Horse”). Through affiliated funds, Black Horse invests in a…

Cibelli’s Letter to Dover Motorsports BoD

  (see earlier posts on DVD dated Oct 8, 2010 and Oct 18, 2010)   Marathon Partners L.P. 6 East 43rd Street, 23rd Floor New York, NY 10017   April 25, 2011 Board of Directors Dover Motorsports, Inc. 1311 N. DuPont Highway Dover, Delaware 19903 Dear Board Members,   At Dover Motorsports’ 2010 annual meeting…

Ediets Commences Rights Offering

eDiets has a market cap and an EV of $28 mm. FORT LAUDERDALE, FL–(Marketwire – 04/25/11) – eDiets.com, Inc. (NASDAQ:DIET – News), announced today, in connection with its previously announced rights offering declared effective on April 8, 2011 by the Securities and Exchange Commission, that on April 21, 2011 it commenced the mailing of a…

Trico Marine Reaches Agreement

(See earlier post on Trico Marine dated March 2, 2011) Comment: Here’s one upcoming post-reorg equity to keep an eye out for.. looks like this time around, it is actually de-leveraging.  The last post-bankruptcy stock (circa 2005) was an expensive lesson for shareholders.  HOUSTON, Texas, April 21, 2011 — Trico Supply AS and Trico Shipping AS (together…

Q Funding Sends Letter to Cedar Fair BoD

(see earlier post dated March 24, 2011 on FUN) On April 21, 2011, the Reporting Persons sent the following letter to the Issuer’s Board of Directors: Dear Gentlemen: As you well know, we have called for the resignation of all but two members of this board. We no longer have confidence in your ability to…