Lone Star, a Texas-based private equity firm, is extending its tender offer for all outstanding shares of common stock of Accredited Home Lenders until midnight on 28 August, it said in a filing with the US Securities and Exchange Commission. According to the agreement between Lone Star and Accredited, so long as one or more conditions to the closing of the tender offer remain unsatisfied, Lone Star is required, upon the request of the company, to extend the tender offer period for no more than ten business days.
Lone Star extends deadline as it is sued by buyout target
The Dallas-based private equity firm is being sued by Accredited Home Lenders after it said Friday it may back away from its previously agreed $400 million buyout of the subprime mortgage company. Lone Star has extended the tender deadline.
