M&A - Fund extends offer for failing lender
Despite the subprime crisis, LSF5 Accredited Investments, LLC ("Lone Star"), a subsidiary of Lone Star Fund V (U.S.), L.P., today announced that it is extending its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. (the "Company") until 12:00 midnight on 12 September, 2007, in accordance with Lone Star's obligations under the merger agreement with the Company.
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On August 10, 2007, Lone Star filed with the Securities and Exchange Commission ("SEC") an amendment to its Tender Offer Statement in which it indicated that, as of that date, the Company had not satisfied all of the conditions to the closing of the tender offer in light of, among other things, the drastic deterioration in the financial and operational condition of the Company. As of today, the Company's failure to satisfy all of such conditions continues. Pursuant to the merger agreement, so long as one or more conditions to the closing of the tender offer remain unsatisfied, Lone Star is required, upon the request of the Company, to extend the tender offer period for no more than ten business days.
As of the close of business on August 27, 2007, Lone Star has received a number of tendered Company shares, subject to withdrawal, representing approximately 18,639,112 of the outstanding shares of the Company. The shares tendered at that time included approximately 74.19% percent of the outstanding shares of the Company's common stock. Lone Star does not currently have confirmation of the number of shares tendered through the close of business today.
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