Lone Star extends tender offer to acquire Accredited
LSF5 Accredited Investments, LLC (”Lone Star”), a subsidiary of Lone Star Fund V (U.S.), L.P., has announced that it is extending its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. (NASDAQ:LEND) (the “Company”) until 12:00 midnight on September 12, 2007, in accordance with Lone Star’s obligations under the merger agreement with the Company.
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. — www.theasianbanker.com (August 29 2007)–