The Daily Dish (12/29/20)
Welcome the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.
We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).
Here’s the first assist 👇
Reebok’s $2.4 Billion Price Tag Brings Hip-Hop & Sports Moguls Baron Davis and Master P To The Table
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Reebok may be getting a new owner, as its German sportswear parent company Adidas looks to offload the household name brand. New buyers including a business dream team of hip-hop business mogul, Percy “Master P” Miller and former NBA All-Star Baron Davis are looking to acquire the company, which could garner an asking price of around $2.4 billion.
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It’s been speculated that Bull Horn Holdings Corp. $BHSE a $75 million blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses – and in which Baron Davis is a Director – could be the court which the merger could take place.
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Adding fuel to the fire – Rob Striar, CEO of Bull Horn Holdings – also President of M Style Marketing (a leading strategy, marketing and branding firm specializing in sports, entertainment and consumer products) – liked a few tweets implying the connection. (Implying the connection outright before filing the disclosure with the SEC would be a violation of rules.)
Bravo! Software SPAC Thoma Bravo Advantage files for a $900 million IPO
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Thoma Bravo Advantage $TBA, a blank check company formed by Thoma Bravo targeting a software business, filed on Monday with the SEC to raise up to $900 million in an initial public offering. Thoma Bravo is a leading private equity firm with a 40-year history, including over $35 billion in investor commitments, and a focus on investing in software and technology.
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Last Week, Thoma Bravo agreed to buy RealPage for $9.6 Billion. RealPage ($RP), based in Richardson, Texas, provides a technology platform used by owners and managers of rental properties. Tenants might pay their rent or submit a maintenance request using RealPage’s software. The company also keeps a database of real-time lease transactions, allowing it to forecast where markets are heading.
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Under the terms of the deal, Thoma Bravo will paid RealPage stockholders $88.75 in cash per share. That is a premium of more 30% over the $67.83 closing price on December 18th. The transaction is subject to standard regulatory review, and the RealPage board will have a 45-day “go shop” window to see if it can find a better price. Given the success of the latest Real Estate Tech SPAC – Chamath’s OpenDoor $IPOB – could Thoma Bravo be preparing to merge $TBA with RealPage and some of their other portfolio companies and take the combination public for a better price? It’s curious, say the least.
This Streaming Upstart is a SPAC to Watch
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Brad Freeman, of The Motley Fool, writes Netflix and Walt Disney are popular choices for people looking to invest in this space, but they’re not the only options. CuriosityStream $CURI — a relatively new and less established streaming service — also looks to be a great emerging opportunity.
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I already know what you’re thinking: “Ugh. Another streaming service?” And to that, I politely ignore your sighs. CuriosityStream designed by Discovery Communications founder and media visionary John Hendricks for curious minds.
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On sale for $149.99 for a lifetime subscription (as in, zero monthly fees), it’s much more affordable than its competitors. But for a collection of only “educational” content, it came as a surprise that it has over 13 million paying subscribers in more than 175 countries.
UPDATE: Curiosity Stream no longer has a lifetime subscription for sale on their website – only through affiliates. Use Google-fu to find it.
Curiosity Stream has approximately $511 million in equity with no debt. The company is estimating having $180 million available for future growth. According to information provided by Curiosity Stream, the $511 million will represent a pro forma valuation of 4.7x 2021P revenue. Curiosity is currently trading at $13.42 – about 35% over their initial asking price of $10.
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