Monday, 24 October 2016
Last updated 2 days ago
Mar 30 2007 | 3:41pm ET
Hanover STC Acquisition Corp. a blank-check company recently set up by private equity and hedge fund veterans to invest in alternative investment firms, is planning to raise $150 million in an initial public offering, according to a filing with the Securities and Exchange Commission.
Hanover is offering 18.75 million units at $8.00 apiece and plans to list on the American Stock Exchange. The firm seeks to acquire controlling interests in its investments and said it currently does not have any targets on its radar.
Michael Levitt, chairman and CIO of Stone Tower Capital, a $7.7 billion credit-focused hedge fund, is Hanover’s chairman. Michael Berger, former chairman of p.e. firm Apollo Investment Corporation, serves as a director.
The blank check company is also backed by the Hanover Group, a New Zealand-based financial services concern that manages private equity funds.