Vector Group Ltd (VGR)

[EZ2]

DJ Open Acquisition Files $125M Blank-Check IPO

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Dow Jones Real-Time News for InvestorsSM
4:39 p.m. 01/29/2008



DOW JONES NEWSWIRES


Open Acquisition Corp., a newly organized blank-check company, filed an initial public offering Tuesday with the Securities and Exchange Commission to sell $125 million of units.

The New York company said it is seeking to acquire operating businesses in real estate brokerage, insurance brokerage and employee benefits, retail investment advisory and asset management services, quick service restaurants or tobacco industries.

The company was formed by Chairman Howard M. Lorber and Chief Executive Michael S. Liebowitz. Lorber is president and chief executive of Vector Group Ltd. (VGR), a holding company for a number of interests primarily focused on tobacco and real estate businesses. Liebowitz was most recently chairman and CEO of Harbor Group Ltd., a property and casualty brokerage firm.

The company plans to sell 12.5 million units at $10 each. Each unit consists of one share of common stock and one warrant, which entitles the holder to purchase one share of common stock at a price of $7.50, according to the company's prospectus with the SEC.

The company has also granted underwriter, Deutsche Bank Securities, a 30-day option to purchase up to 1.88 million additional units to cover overallotments.

The company has applied to list its units on the American Stock Exchange under the symbol OXE.U.