Credit Acceptance Announces Results of Final Tender Offer
July 09, 2012
SOUTHFIELD, Mich. — Credit Acceptance Corp. recently
revealed the final results of its tender offer, which expired on June 29.
Officials explained they commenced the tender offer back on
June 1 to purchase up to 1 million shares of their outstanding common stock at
a price of $84.45 per share, net to the seller in cash, without interest.
Based on the final count by Computershare Trust Company, the
depositary for the tender offer, Credit Acceptance learned 4,765,781 shares of
common stock were properly tendered and not properly withdrawn.
"Because more than the maximum 1,000,000 shares were
tendered, we have accepted for purchase only a prorated portion of the shares
tendered by each tendering shareholder, other than odd lot shareholders, as
described in our offer to purchase," company officials said.
"The proration factor used by us in accepting for purchase
tendered shares was approximately 20.5 percent," they continued..
"We will promptly pay for 1,000,000 tendered shares of our
common stock at a price of $84.45 per share, net to the seller in cash, without
interest, at a total cost of approximately $84.5 million, which includes
approximately 37,576 shares tendered by Scott Vassalluzzo, one of our directors
and a managing member of Prescott General Partners LLC and approximately
519,447 shares tendered by Prescott General Partners LLC," Credit Acceptance
officials went on to say.
"We are financing the purchase of our securities in the
tender offer by borrowing under our revolving secured line of credit facility,"
As a result of the completion of the tender offer, Credit
Acceptance calculated that it has approximately 24.5 million shares of common
Officials noted Georgeson was the information agent for the