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Accredited Pops on Takeout
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Accredited Home Lenders(LEND Quote) soared 11% after private equity firm Lone Star agreed to take out the mortgage player in a $400 million deal.
Shareholders of San Diego-based Accredited will get $15.10 a share, a 10% premium to Friday's closing price. Shares were up $1.68 to $15.44 early Monday.
"After careful analysis, we believe this agreement is the best alternative available to protect shareholder value and provide the capital we need to support the company's business over the long term," said Accredited CEO James Konrath. "In Lone Star, we have found a partner who has a record of helping companies like ours successfully address financial and operational challenges." ...
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