Small business lender, Allied Capital, has rejected an offer valued at $900 million, from Prospect Capital, Reuters reports. Allied, which is selling itself to Ares Capital, did not consider the offer a “superior proposal.”
Mezzanine debt and private equity firm, Prospect, had offered 0.385 shares for each Allied Capital share. Based on Prospect’s closing price of $12.97, and about 179.4 million outstanding shares of Allied, the offer is valued at about $900 million. Allied has also urged its shareholders to vote in favor of its merger agreement with Ares Capital.
Click here for the complete story.
