Paul Glazer‘s Glazer Capital considers Boulevard Acquisition Corp (NASDAQ:BLVDU) to be a good investment opportunity, and added the company to its equity portfolio. The fund currently holds 1.56 million shares, which account for 6% of the company’s common stock.
Boulevard Acquisition Corp (NASDAQ:BLVDU) went public on February 19 offering 17.5 million units at a price of $10.00 apiece. Each unit consists of one share of common stock and one half of one warrant. Whole warrants allow the owner to purchase one Boulevard share at a price of $11.50. Boulevard Acquisition is a blank-check company that was created with the purpose of carrying out a merger, stock purchase or any other similar business solutions. Stephen S. Trevor, former portfolio manager at Avenue Capital Management II, L.P, has been appointed as President, Chief Executive Offices and Secretary of Boulevard Acquisition. The company is sponsored by Boulevard Acquisition Sponsor, LLC, an affiliate of Avenue Capital Group. Avenue Capital is a hedge fund specializing in distressed and undervalued debt and equity investment and is run by Marc Lasry. The fund has approximately $12.6 billion in assets as of December 31, 2013.
Paul Glazer has made some important additions to his fund’s stock portfolio during the last quarter of 2013. Glazer Capital has reported a 15% increase in its ownership of Life Technologies Corp (NASDAQ:LIFE) to 678,521 shares valued at $51.4 million. Another important investment is LSI Corp (NASDAQ:LSI). Glazer has initiated this position during the fourth quarter of 2013, acquiring 1.62 million shares reportedly worth $17.8 million.