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Ex-Sovereign Bancorp CEO forms blank-check company

Mon Mar 3, 2008 5:16pm EST

WASHINGTON, March 3 (Reuters) - Blank-check company Sidhu Special Purpose Capital Corp on Monday filed with regulators to raise up to $150 million in an initial public offering.

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Jay Sidhu, former chairman and chief executive of Sovereign Bancorp Inc SOV.N, is chairman and CEO of the special purpose company, according to a filing with the U.S. Securities and Exchange Commission.

Blank-check companies are special purpose acquisition vehicles formed for the sole purpose of acquiring other businesses.

Bear Stearns & Co is listed as the underwriter for the IPO. (Reporting by Karey Wutkowski; Editing by Braden Reddall)

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