Credit-Based Asset Servicing and Securitization LLC (C-BASS to most us) said this morning that it has completed its acquisition of Fieldstone Investment Corporation, announced in mid-February. The final purchase amount was $4.00 per share in cash, meaning that this deal didn't deteriorate further from its announced pricing in March:
Under the terms of the agreement, Fieldstone shareholders will receive $4.00 per share in cash. As a result of the transaction, Fieldstone will cease to be publicly traded and, accordingly, will no longer be listed on The NASDAQ Global Market. "We are pleased to welcome Fieldstone into the C-BASS family of companies and believe the acquisition will complement our existing business lines," said Noelle Savarese, Senior Managing Director and Co-Head of Capital Markets at C- BASS. "We look forward to continuing to work with the team at Fieldstone to create a strategic profile that will support the combined companies in this changing market environment."
C-BASS had originally pegged the purchase price at $5.53 per share when the deal was first announced in February; that price was dropped to $4.00 per share on March 18, with C-BASS citing liquidity problems at the lender as the primary driver behind the price decrease. Fieldstone most recently laid off 25 percent of its workforce in April in response to market conditions.