Advance America (AEA) 'Go Shop' Period Ends; No Alternative Proposals Made
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Advance America, Cash Advance Centers, Inc. (NYSE: AEA) announced the expiration of the 45-day "go shop" period pursuant to the terms of the previously announced Agreement and Plan of Merger dated as of February 15, 2012 by and among the Company, Eagle U.S. Sub, Inc., and Eagle U.S. Merger Sub, Inc. Eagle U.S. Sub, Inc. is a wholly owned subsidiary of Grupo Elektra S.A. de C.V.
After a broad solicitation of financial and strategic parties during the go-shop period, which ended at 11:59 p.m. (Central time) on March 31, 2012, the Company did not receive any alternative acquisition proposals.
The Company expects the transaction to close in the second quarter of 2012, subject to satisfaction of the closing conditions described in the merger agreement, including receipt of stockholder approval.
After a broad solicitation of financial and strategic parties during the go-shop period, which ended at 11:59 p.m. (Central time) on March 31, 2012, the Company did not receive any alternative acquisition proposals.
The Company expects the transaction to close in the second quarter of 2012, subject to satisfaction of the closing conditions described in the merger agreement, including receipt of stockholder approval.
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