[movermike] movermike: Iffy Times For LEND

[Email subscription to blog articles]

Posted by movermike:
Iffy Times For LEND
http://www.movermike.com/posts/1186771185.shtml


   Accredited Home Lenders (Lend) announced receiving regulatory approval
   for its takeover by Lone Star

     [1]Lone Star initially agreed to purchase Accredited on June 4, but
     the offer expired on Friday. The original offer represented a
     premium of 9.7% to Accredited Homeâs closing price of $13.76 on
     June 1 or $15.10...

   $400 Million for LEND!

   [lend]

   Could be a revision in the price with the stock down $5 from the offer
   price. At this price LEND is trading at 28% of book value, but how
   does anyone determine book value today? [2]Laurie Kulikowski at
   TheStreet.com writes that investors are worried

     that Lone Star was trying to renegotiate the deal at a lower price
     or scrap the deal altogether after seeing the mortgage market
     further deteriorate over the past month.

   Last week, Accredited warned of possible insolvency if the mortgage
   industry continues to deteriorate.

   [3]Accredited Home Lenders (Lend) [4]Mortgages [5]Mover Mike

References

   1. http://www.forbes.com/2007/08/02/accredited-subprime-lonestar-markets-equity-cx_ra_0802markets25.html?partner=yahootix
   2. http://www.thestreet.com/s/accredited-jumps-as-deal-gets-ok/newsanalysis/banking/10373652.html?puc=_dm
   3. http://technorati.com/tag/Accredited+Home+Lenders+(Lend)
   4. http://technorati.com/tag/Mortgages
   5. http://technorati.com/tag/Mover+Mike