Alternative Credit Investments PLC - investor in credit assets and formerly known as Pollen Street Secured Lending PLC - Reaches agreement with US-based Waterfall Asset Management for 870 pence per share takeover offer. Waterfall offer values entire company at GBP639.2 million and is 5.1% premium to market closing price on February 24, the day before Alternative Credit entered into an offer period. It is a 6.3% discount to net asset value, but Waterfall notes ACI trades at a 14% discount to NAV. "The ACI directors, who have been so advised by Smith Square Partners as to the financial terms of the acquisition, consider the terms of the Acquisition to be fair and reasonable," ACI says. Waterfall has received support from just shy of 41% of shareholders.
Current stock price: 868.00 pence, a GBP637.7 million market capitalisation
Year-to-date change: up 4.6%
By Eric Cunha; ericcunha@alliancenews.com
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