1 minute readAn affiliate of private equity investor Lone Star Funds said this morning that it has successfully completed a tumultous merger with troubled subprime originator and servicer Accredited Home Lenders Holding Co. Lone Star successfully pushed to have the purchase price dropped from $15.10 per share under terms of the original sale agreement announced in June, to a final purchase price of $11.75 per share, or roughly $296 million. The two companies agreed to an amended merger and revised purchase price in mid-September. The purchase means that only two members of Accredited’s original Board of Directors are still active: CEO James Konrath and president Joseph J. Lydon. Lone Star appointed six of its own representatives to the Board.
Paul Jackson is the former publisher and CEO at HousingWire.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Paul Jackson is the former publisher and CEO at HousingWire.see full bio