Monthly Archives: June 2013

Unwired Planet to Raise Capital Via Debt and Rights Offering

Unwired Planet, Inc. has announced a financing transaction that will provide an additional $50 million of long term financing to support the Company’s licensing efforts. The financing consists of a $25 million private placement of senior notes, a $12.5 million registered direct placement of common stock and a $12.5 million fully backstopped equity rights offering to…

CBS Files for Previously Announced IPO of Billboard Division

Source: Bloomberg: CBS Outdoor Americas Inc. has filed for an initial public offering as part of parent company CBS Corp. (CBS)’s plan to split off the billboard division. The offering size, $100 million, is a placeholder amount that may change. A portion of the proceeds will be used to repay a CBS note, the company…

Trans World Entertainment To Tender for Shares

Trans World Entertainment Corporation has authorized the Company to repurchase shares of the Company’s common stock in a “modified Dutch auction” tender offer for up to $25 million in value of its common stock, at a price of not less than $4.50 and not greater than $5.10 per share (in increments of $0.05).  This price range…

CBS Files for Previously Announced IPO of Billboard Division

Source: Bloomberg: CBS Outdoor Americas Inc. has filed for an initial public offering as part of parent company CBS Corp. (CBS)’s plan to split off the billboard division. The offering size, $100 million, is a placeholder amount that may change. A portion of the proceeds will be used to repay a CBS note, the company…

First Manhattan Sends Vivus Follow-Up Letter

June 21, 2013 Board of Directors VIVUS, Inc. 1172 Castro Street Mountain View, CA 94040 Gentlemen: Over the past few weeks, VIVUS, Inc. (“Vivus”) disclosed that it has initiated discussions with several large pharmaceutical companies interested in a potential commercial partnership for the marketing of Qsymia. As we have consistently stated and repeatedly urged you…

Gem Investment Advisors’ Open Letter to Parkervision Shareholders

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable,…

Scout Capital Sends Detailed Letter to Tim Hortons BoD

June 25, 2013 The Board of Directors Executive Chairman, CEO and President Tim Hortons Inc. Dear Board Members: Scout Capital Management, L.L.C. (“Scout”), through entities it manages, currently owns or controls 8,400,000 shares, representing a 5.5% equity interest, in Tim Hortons Inc. (“Tim Hortons” or the “Company”). Scout was founded in 1999 and manages approximately…

Farnam Street Files 13D on Famous Dave’s

ITEM 4.             PURPOSE OF TRANSACTION. All of the shares of the Issuer owned by the Farnam Group were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. The Farnam Group makes investments in companies that it believes are undervalued and represent an attractive investment opportunity. The Farnam Group…

Funds Re-evaluating Activist Stance on STEC

Item 4 is hereby amended to add the following: On June 24, 2013, the Issuer announced that it had entered into a definitive merger agreement with Western Digital Corporation (“Western Digital”), pursuant to which the Issuer would be acquired by HGST, a wholly owned subsidiary of Western Digital.  While the Reporting Persons had hoped that…

Esopus Creek Sends Letter to Trinity Place Holdings

FUND LP – Series A and Series L1330 Avenue of Americas, Suite 1800New York, New York  10019  June 19, 2013  VIA E-MAIL AND MAIL The Board of Directors ofTrinity Place Holdings, Inc.One Syms WaySecaucus, New Jersey  07094 Re:           Board Conflicts and Investment Banker Dear Sirs and Madam: We write to you again to express our…

Columbia Pacific Urges Vitesse to Consider Sale

(Columbia Pacific owns 9.82%) Item 4 is hereby amended to add the following: The Reporting Persons have been approached by an advisor to a well-capitalized North American-headquartered semiconductor designer regarding their interest in acquiring the Issuer for a potentially very substantial premium.The Reporting Persons understand that the Issuer’s Board of Directors has been made aware of…

QLT Inc. to Pay Significant Special Cash Dividend

QLT Inc.  shareholders have approved a special cash distribution in the amount of US$200 million, by way of a reduction of the capital of the Company’s common shares. As a result, QLT’s shareholders as of June 24, 2013, the record date for the distribution, will receive a special cash distribution payment of approximately US$3.92 per…

Loeb Sends Sony Corp a Second Letter

Third Point CEO Daniel Loeb sent a second letter to Sony CEO Kazuo Hirai on Monday, reiterating a proposal to spinoff as much as 20% of the company’s entertainment assets and highlighting the value of an independently run entity comprising the studio and other show biz assets. In the latest letter, Loeb proposes that Hirai…

Geeknet Announces Dutch Auction Tender

Geeknet, Inc. has commenced of a modified “Dutch auction” tender offer to purchase up to 400,000 shares, or about 6.0%, of its outstanding common stock using cash on hand, at a price of not less than $12.00 and not more than $14.00 per share.  The tender offer will expire at 12:00 Midnight, New York City time,…

Orchard Hardware Files Chapter 11

Orchard Supply Hardware Stores has reached an agreement through which Lowe’s Companies, Inc. will acquire the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners. To facilitate the sale and restructure its balance sheet, Orchard has filed voluntary Chapter 11 petitions in the…

Ashford Hospitality Announces Spin-off

Ashford Hospitality Trust, Inc.’s  Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution. The distribution is expected to be comprised of common stock in Ashford Hospitality Prime,…

Starboard Sues Office Depot to Hold Annual Meeting

Item 4 is hereby amended to add the following: On June 12, 2013, Starboard Value and Opportunity Master Fund Ltd (“Starboard”) filed a complaint pursuant to Section 211 of the Delaware General Corporation Law (“Delaware Law”) requesting the Court of Chancery of the State of Delaware (the “Court of Chancery”) to compel the Issuer to…

Smith & Wesson to Buyback Shares

Smith & Wesson Holding Corporation has entered into agreements to sell to institutional investors $75.0 million aggregate principal amount of newly issued 5.875% Senior Notes due 2017. The New Notes will be issued in exchange for approximately $42.8 million aggregate principal amount of  the company’s 9.50% Senior Notes due 2016 from existing holders of such notes…