Blank-check company Starboard Value Acquisition raises $360 million in upsized IPO

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Starboard Value Acquisition Corp. , a blank-check company created by activist investor Starboard Value LP, priced an initial public offering of 36 million units at $10 a share. The deal was upsized from an original plan to offer just 30 million units. Each unit consists of one share of Class A common stock, one-sixth of one redeemable warrant, and a contingent right to receive at least one-sixth of one redeemable warrant. Each whole warrant gives the holder to purchase one share of Class A common stock at a price of $11.50 per share, the conventional pricing of these securities. The shares will start trading on Nasdaq later Thursday, under the ticker “SVACU.” “While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and Industry Advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors,” the company said in a statement. Blank-check companies have no business until they acquire one or more.

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