Monday, April 09, 2007

Chapman Capital Makes Quick Work of Embarcadero Techn (EMBT)

On Friday, Embarcadero Technologies, Inc. (NASDAQ: EMBT), an activist target of Chapman Capital, announced they entered a definitive agreement to be acquired by an affiliate of private equity firm Thoma Cressey Bravo in a transaction valued at approximately $200 million, or $7.20 per share in cash. Chapman Capital said they would support the agreement.

On March 7, 2007, Chapman Capital filed a Schedule 13D demanding that Embarcadero resume negotiations with TCB or other bidders regarding the sale of the Company.

Chapman Capital, on average, paid in the low $6 range for its EMBT stake (about $6.07 for one fund and $6.23 for the other).

Chapman Capital has also recently called for the sale of FSI Int'l (Nasdaq: FSII) and eSpeed Inc. (Nasdaq: ESPD). He is also actively targeting a spin-off/sale of Cypress Semiconductor (NYSE: CY).

Another Chapman target, Sunterra Corporation (OTC: SNRR), recently announced a sale, which Chapman supported.

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