DALLAS (Thomson Financial) - Private equity firm Lone Star said it has
extended its offer for Accredited Home Lenders Holding Co until midnight
tomorrow.
Lone Star said in June it would pay 15.10 usd per share for Accredited in a
deal worth about 400 mln usd.
However last month, Lone Star sought to lower the price to 8.50 usd per
share and in exchange offered to allow Accredited seek other buyers. Accredited,
which was active in the subprime mortgage lending business and has run into
financial trouble, filed a lawsuit to force the private equity firm to complete
the deal.
Today, Lone Star reiterated a statement it filed with the US Securities and
Exchange Commission last month that it believes not all the conditions of the
deal have been satisfied.
tf.TFN-Europe_newsdesk@thomson.com
wj
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