Lone Star Extends Tender Offer to Acquire Accredited Home Lenders (LEND); Says Merger Agreement Remains Unsatisfied
LSF5 Accredited Investments, LLC ("Lone Star") is extending its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. (Nasdaq: LEND) until 12:00 midnight on September 14, 2007, in accordance with Lone Star's obligations under the merger agreement with the Company.
Lone Star expressly reserves all of its rights and privileges under the merger agreement with the Company, including its right to allow the tender offer to expire to terminate the merger agreement under certain circumstances, as permitted by the merger agreement.
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. As of today, Lone Star continues to believe that the conditions to closing under the merger agreement remain unsatisfied. Pursuant to the merger agreement, so long as one or more conditions to the closing of the tender offer remain unsatisfied, the Company may request Lone Star to extend the tender offer, which Lone Star shall do for a period of no more than ten business days.
Lone Star expressly reserves all of its rights and privileges under the merger agreement with the Company, including its right to allow the tender offer to expire to terminate the merger agreement under certain circumstances, as permitted by the merger agreement.
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. As of today, Lone Star continues to believe that the conditions to closing under the merger agreement remain unsatisfied. Pursuant to the merger agreement, so long as one or more conditions to the closing of the tender offer remain unsatisfied, the Company may request Lone Star to extend the tender offer, which Lone Star shall do for a period of no more than ten business days.
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