Accredited Shares Rise After Lone Star Makes New Bid |
| Bloomberg - Aug 31, 2007 |
Accredited Home Lenders Holding Co., the subprime mortgage company that fired 60 percent of its workers, rose as much as 41 percent on the Nasdaq Stock Market after buyout firm Lone Star Funds made a new takeover bid.
Lone Star offered $8.50 a share, 35 percent more than yesterday's closing price, to defuse a legal scuffle that followed its attempt to back out of an earlier acquisition agreement with San Diego-based Accredited.
Lone Star initially offered to acquire Accredited on June 4 for $15.10 a share, or $400 million. About a month later, the Dallas-based investment group tried to scrap the deal, citing ``the drastic deterioration'' of Accredited's financial condition, according to a legal complaint. Yesterday's bid totals about $214 million.
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- Posted: 2007-08-31 10:01:39
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