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Lots of Chinese firms have used "reverse mergers", in which a private company goes public by combining with a listed shell company, to float in America.
Now another menace is flashing on regulators' radar screens: the "reverse merger", in which a private company goes public by combining with a listed shell company rather than via an initial public offering (IPO).The practice, also known as "back-door registration", is not new.
In the late 1970s, Nadir took control of listed shell company Polly Peck, and used his stock market status to raise the cash to set up a Northern Cyprus fruit-packing subsidiary, Sunzest, and Unipac, a cardboard box factory, via a share issue.
As little more than a publicly listed shell, Comprehensive Medical had shares capable of being quoted and traded, even though it had last reported financial results in 2001.
A few properties were held by Calibre, formed in 2005 and taken public in January 2006 in a reverse merger with a listed shell company called Hardwood Doors & Milling Specialties.
And although his bid is largely in shares of his tiny listed shell company, he is offering a cash alternative of up to £1.4 billion twice what Six Continents has promised.His strongest card is the weakness of his target.
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In Table 4, however, the distinction between the two types of shell was unspecified and they are listed as "Shell 1" and "Shell 2".
The documents, about 900 pages, list shell casings, bullet fragments, pipe bombs and debris found by investigators.
Each spring, my giddiest gastronomic moment comes the first time a waiter lists soft-shell crabs among the specials.
That potential is indicated by the high lead concentrations of cocoa bean shells listed in Table 4.
On Sept. 22, hearing the news about the tainted taco shells, he called the toll-free number listed on the taco shell box and was referred to a doctor, who assured him the shells were safe.
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