updated 02:00 pm EST, Tue February 14, 2006
Former AAPL execs take aim
A group of former Apple executives are looking to create a new company called Acquicor Technology, which is set to begin trading on the American Stock Exchange under the ticker symbol ACQU. The company founders are Gil Amelio (Apple's CEO in the mid-1990s), Ellen Hancock (former Apple executive and CEO of Exodus Communications), and Steve Wozniak (Apple's co-founder). Acquicor is a special purpose acquisition company, or SPAC. Known in the industry as a "blank check" firm, the founders are traveling across the country asking institutional investors to offer up $100 million for an acquisition they cannot identify. The rules of SPACs state that the team can't talk to buyout candidates until they've raised enough cash, after which the company has two years to spend most of the money or give it back to investors. Acquicor is focused "on businesses that develop or provide technology-based products and services in the software, semiconductor, wired and wireless networking, consumer multimedia and information technology-enabled services segments," according to a report from CNNMoney.com.