Stalking horse

francesca's® Announces Court Approval of Sale Process and Entry Into Stalking Horse Asset Purchase Agreement

Retrieved on: 
Friday, January 8, 2021
Bankruptcy, Stalking horse offer, Stalking horse, Auction, Asset purchase agreement, Articles

Bankruptcy Court for the District of Delaware(the Court) has authorized francescas to conduct an auction process for the Company.

Key Points: 
  • Bankruptcy Court for the District of Delaware(the Court) has authorized francescas to conduct an auction process for the Company.
  • Today, the Company announced the execution of the stalking horse Asset Purchase Agreement (the Stalking Horse APA) with TerraMars affiliate, Francescas Acquisition, LLC, and with Tiger Capital Group, LLC (collectively, the Buyers).
  • The Stalking Horse APA sets the minimum acceptable bid at the auction and will be subject to higher or better offers.
  • "We are pleased to announce the signing of a Stalking Horse Agreement with the Buyers and that the court has authorized us to proceed with the bid, auction and sale process.

Garrett Motion Preserves $2.6 Billion Stalking Horse Bid for Business

Retrieved on: 
Monday, October 26, 2020
Aftermarket, Automotive, General Automotive, Technology, Software, Hardware, Bankruptcy, Stalking horse offer, KPS Capital Partners, Stalking horse, Hydro Extruded Solutions, KPS, Articles

The bidding procedures permit Garrett to explore all options, including sales of Garrett for cash, sales of Garrett with co-investment rights offered to stakeholders, and stand-alone plans of reorganization.

Key Points: 
  • The bidding procedures permit Garrett to explore all options, including sales of Garrett for cash, sales of Garrett with co-investment rights offered to stakeholders, and stand-alone plans of reorganization.
  • Garrett also obtained on Friday approval of stalking horse bidding protections for affiliates of KPS Capital Partners, LP (KPS), including a $63 million dollar termination fee and expense reimbursement (subject to a limit of $21 million).
  • As previously disclosed, on September 20, 2020 Garrett and certain affiliates of KPS entered into a share and asset purchase agreement (SAPA) in connection with the proposed purchase of Garretts business, and, on October 19, 2020, KPS delivered a revised proposal in which KPS agreed to, among other things, increase its stalking horse bid by $500 million to $2.6 billion (the Stalking Horse Bid).
  • These stalking horse bidding protections will be payable by Garrett if the SAPA is terminated because Garrett decides to pursue a higher and better alternative or in certain other circumstances.

Beleave Update on Stalking Horse Sale Process

Retrieved on: 
Thursday, August 6, 2020
United Kingdom European Union membership referendum, Euroscepticism in the United Kingdom, BeLeave, Stalking horse, Politics

TORONTO, Aug. 6, 2020 /CNW/ - Beleave Inc. (CSE:BE) (OTC: BLEVF) ("Beleave" or the "Company") announced today that the Company, together with its affiliated entities, Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. (collectively, the "Beleave Group"), and in consultation with Grant Thornton Limited (the "Monitor"), has completed the primary milestone within its Stalking Horse Sale Process.

Key Points: 
  • TORONTO, Aug. 6, 2020 /CNW/ - Beleave Inc. (CSE:BE) (OTC: BLEVF) ("Beleave" or the "Company") announced today that the Company, together with its affiliated entities, Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. (collectively, the "Beleave Group"), and in consultation with Grant Thornton Limited (the "Monitor"), has completed the primary milestone within its Stalking Horse Sale Process.
  • On June 17, 2020, the Company, in conjunction with the Monitor, commenced the court-approved Stalking Horse Sale Process where Phase 1 Bids were due by July 17, 2020.
  • The Stalking Horse Sale Process targeted 46 potential buyers where additional buyers were added during the process as a result of public advertisement of the sale process.
  • A transaction with the Stalking Horse Purchaser will allow for continued operations of the various Beleave Group operations, as well as employment opportunities.

Beleave CRO Appointment and Approval of Stalking Horse Sale Process

Retrieved on: 
Tuesday, June 16, 2020
Bankruptcy, United Kingdom European Union membership referendum, BeLeave, Euroscepticism in the United Kingdom, Articles, Human behavior, Cannabis, Restructuring, Stalking horse, Legality of cannabis, Humans

The issuance of the Stalking Horse Sale Process Court Order follows the appointment of Bill Panagiotakapoulos as the Company's Chief Restructuring Officer (formerly the Company's Interim CEO and COO) to assist both the Company and the Monitor in respect of the Company's CCAA proceedings which commenced on June 5, 2020, and the Stalking Horse Sale Process which was approved on June 15, 2020.

Key Points: 
  • The issuance of the Stalking Horse Sale Process Court Order follows the appointment of Bill Panagiotakapoulos as the Company's Chief Restructuring Officer (formerly the Company's Interim CEO and COO) to assist both the Company and the Monitor in respect of the Company's CCAA proceedings which commenced on June 5, 2020, and the Stalking Horse Sale Process which was approved on June 15, 2020.
  • The Beleave Group sought creditor protection under the CCAA in order to receive a stay of proceedings that will allow the Beleave Group to facilitate a going concern transaction with Hegedus Consulting Services Inc. (the Stalking Horse Purchaser) or identify and conclude a transaction with a superior offer (the Stalking Horse Sale Process).
  • Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020.
  • Additional enquiries for the Monitor may be directed to:
    In its capacity as proposed Court-appointed Monitor of the Beleave Group.

Healthcare Management Partners (HMP) Leads Successful Sale of Two Senior Care Facilities Through ‘Stalking Horse’ Auctions

Retrieved on: 
Wednesday, January 16, 2019
Practice Management, Health, Hospitals, Professional services, Consulting, Managed care, Auction theory, Auctions, Economy, Microeconomics, Hunting, Obfuscation, Stalking horse, Auction, Bid price, Economics

A stalking horse auction involves a purchaser (the stalking horse purchaser) who is willing to publicly submit their bid ahead of a formal auction.

Key Points: 
  • A stalking horse auction involves a purchaser (the stalking horse purchaser) who is willing to publicly submit their bid ahead of a formal auction.
  • It also enables the seller to market-test the stalking horse purchasers initial bid to determine whether higher and better offers can be obtained.
  • Through the stalking horse process, the final bid for both facilities was $14,500,000, meaning the stalking horse auction delivered $4,200,000 in additional value.
  • Healthcare Management Partners, LLC (HMP) is a leading turnaround and consulting firm that specializes in assisting healthcare organizations experiencing current or anticipated financial challenges.

QuickLiquidity Approved as $1.6 Million Stalking Horse Bidder to Purchase a 32.55% Partial Interest in an Office Building

Retrieved on: 
Tuesday, August 7, 2018
Economy, Financial markets, Bankruptcy, Stalking horse offer, Stalking horse, Market liquidity, Bidding, Microeconomics

A stalking horse bid is the initial bid on an asset in bankruptcy that is being marketed for sale.

Key Points: 
  • A stalking horse bid is the initial bid on an asset in bankruptcy that is being marketed for sale.
  • They actively marketed the interest for months and although multiple parties had demonstrated interest, QuickLiquidity was the only party that came forward with a formal offer to purchase the interest.
  • Due to the 32.55% interest being a minority interest position with no say in management decisions, the interest is an illiquid and non-controlling investment.
  • Shortly after QuickLiquidity was approved as the stalking horse bidder, one of the other owners of the office building expressed a desire to bid on the 32.55% interest.