Lone Star on Verge of Closing Accredited Deal

Lone Star Fund V (U.S.) LP, Dallas, is on the verge of closing the acquisition of Accredited Home Lenders Holding Co., San Diego.Late on Oct. 7, Lone Star issued a news release saying the conditions for the tender offer had been satisfied. At the close of business on Oct. 5, which was the latest extended deadline for the tender offer, nearly 24 million Accredited shares, over 95% of the outstanding shares of the company, had been tendered. The release said Lone Star expects to accept and pay for all tendered shares no later than Oct. 11. Lone Star will pay $11.75 in cash per share. It originally offered to pay $15.10 per share, but as the mortgage market crisis battered industry stocks it balked at paying that price. After Accredited initiated a lawsuit, Lone Star made an offer of $8.50 per share. The $11.75 price was reached in settling the lawsuit.