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Accredited Home Lenders clears major hurdle in acquisition by Lone Star
By Lisa Kerner
Charlotte, N.C., Aug. 10 - Accredited Home Lenders Holding Co. received regulatory approvals from states representing over 95% of the company's loan production volume for 2006. The approvals satisfy a primary condition of Lone Star Fund V (U.S.), LP's tender offer for the company, set to expire at midnight on Aug. 14.
As previously reported, Lone Star Fund subsidiary LSF5 Accredited Investments, LLC extended the tender offer from its original closing date of July 16. About 8,210,568 shares, or 32.68%, of Accredited Home Lenders' common stock were tendered as of the close of business on July 27.
Accredited Home Lenders agreed to be acquired by the Lone Star Fund affiliate for $15.10 per share in an all-cash transaction valued at $400 million. The outstanding 9¾% series A perpetual cumulative preferred shares of Accredited Mortgage Loan REIT Trust will remain outstanding. The transaction is slated to close in the third quarter of 2007.
Accredited Home Lenders is a San Diego mortgage company, and Accredited Mortgage Loan REIT Trust is a Maryland real estate investment trust formed in May 2004.
Lone Star is a Dallas private equity firm.
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