Encore Capital (ECPG) to Acquire Asset Acceptance (AACC) for $6.50/Share

March 6, 2013 7:32 AM EST
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Asset Acceptance Capital Corp. (NASDAQ: AACC) agreed to be acquired by Encore Capital Group, Inc. (Nasdaq: ECPG) for $6.50 per share, which represents a total equity value of approximately $200 million, representing a 24 percent premium to AACC's 30 day volume weighted average share price.

Asset Acceptance shareholders will have the option to receive their consideration in cash or Encore stock or any combination of cash and Encore stock, at their election, with the aggregate stock consideration across all stockholders capped at 25 percent of the total equity consideration to be received.

Subject to regulatory approval and Asset Acceptance shareholder approval, the acquisition is expected to close during the second quarter of this year.

Encore and Asset Acceptance were advised respectively by Morgan Stanley and William Blair.

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