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Lone Star extends tender offer again for Accredited Home Lenders; 32.68% of shares tendered
By Lisa Kerner
Charlotte, N.C., July 30 - Lone Star Fund (U.S.), LP subsidiary LSF5 Accredited Investments, LLC extended its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. to midnight ET on Aug. 14, from July 31.
About 8,210,568 shares, or 32.68%, of Accredited Home Lender's common stock were tendered as of the close of business on July 27.
Piper Jaffray & Co. is acting as dealer manager for the tender offer. The information agent is Georgeson Inc.
Lone Star previously extended the offer from July 16 to July 31 after only 5,341,270 shares, or some 21%, of Accredited Home Lenders' stock were tendered.
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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