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Ares Capital, Allied Capital transaction clears waiting period hurdle
By Lisa Kerner
Charlotte, N.C., Dec. 2 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Ares Capital Corp. and Allied Capital Corp., according to a government report.
In October, Ares Capital announced it agreed to acquire Allied Capital in an all-stock transaction valued at $648 million, or approximately $3.47 per Allied Capital share.
As previously reported, Allied Capital shareholders will receive 0.325 shares of Ares Capital for each Allied Capital share held.
The transaction is expected to close by the end of the first quarter of 2010, subject to shareholder approval, according to the business development companies.
Ares Capital is based in New York, and Allied Capital is based in Washington, D.C.
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