After what could only be described as a rocky courtship, a Lone Star Funds subsidiary — appropriately enough, called LSF5 Accredited Investments, LLC — said yesterday that all conditions to the closing of its outstanding tender offer to acquire troubled subprime lender Accredited Home Lenders Holding Co. have been satisfied. According to the press statement, as of the close of business on October 5, 2007, Lone Star had received approximately 23,966,387 shares tendered into the offer representing over 95 percent of the outstanding shares of the company. Lone Star said it expects to accept and pay for all tendered shares no later than Thursday, October 11, 2007. The private equity firm successfully pushed to have the purchase price dropped from $15.10 per share, under terms of the original sale agreement announced in June, to a final purchase price of $11.75 per share, or roughly $296 million. The two companies agreed to the amended merger and revised purchase price in mid-September.
Most Popular Articles
J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday morning, showed that there are some lenders that customers seem to love working with more than others. Here are the ones that borrowers are partial to.
The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.