Lone Star completes acquisition of Accredited Home Lenders

10/12/07 - newratings.com

NEW YORK, October 12 (newratings.com) - Lone Star Friday announced that it had completed the acquisition of Accredited Home Lenders Holding Co (LEND).

The investment group paid $11.75 per share, or about $296 million, for the mortgage company. Lone Star had agreed on June 4 to pay $15 per share for Accredited Home Lenders, and had later tried to get out of the deal when the sub-prime crisis hit the markets. Accredited Home Lenders sued the group to comply with the deal, and Lone Star was able to successfully renegotiate the price to $11.75 per share.