Asset Acceptance Capital Corp. Announces Extension of Tender Offer
June 01 2007 - 6:03PM
PR Newswire (US)
WARREN, Mich., June 1 /PRNewswire-FirstCall/ -- Asset Acceptance
Capital Corp. (NASDAQ:AACC), a leading purchaser and collector of
charged-off consumer debt, today announced that it will extend
until June 12, 2007 the expiration date of its previously announced
cash tender offer (the "Offer") to purchase up to 1,858,000 shares
(plus up to an additional 2% of shares outstanding) in a price
range of $18.25 to $20.00 per share. The expiration of the Offer
has been extended to coincide with the financing timeline, which
has been revised to accommodate more favorable pricing terms. The
tender offer will now expire at 5 p.m. EDT on June 12, 2007, unless
further extended. Tenders of AACC common stock must be made prior
to the extended expiration time of the Offer and may be withdrawn
at any time prior to that time. Holders of AACC common stock who
tendered their shares prior to the date of this release are NOT
required to submit a new Letter of Transmittal to tender their
shares. As of midnight, EDT, on May 31, 2007, 499 shares had been
tendered. J.P. Morgan Securities Inc. is the dealer manager for the
Offer. MacKenzie Partners, Inc. is the information agent and
LaSalle Bank, National Association is the depositary in the Offer.
About Asset Acceptance Capital Corp. For more than 40 years, Asset
Acceptance has provided credit originators, such as credit card
issuers, consumer finance companies, retail merchants, utilities
and others an efficient alternative in recovering defaulted
consumer debt. For more information, please visit
http://www.assetacceptance.com/. Asset Acceptance Capital Corp.
Safe Harbor Statement This press release contains certain
statements which are forward-looking statements. These
forward-looking statements reflect the Company's views, at the time
such statements were made, with respect to the Company's future
plans, objectives, events, portfolio purchases and pricing,
collections and financial results such as revenues, expenses,
income, earnings per share, capital expenditures, operating
margins, financial position, expected results of operations and
other financial items. Forward-looking statements are not
guarantees of future performance; they are subject to risks and
uncertainties. In addition, words such as "plans," "estimates,"
"expects," "intends," "should," "could," "will," variations of such
words and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions ("Risk Factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
There are a number of factors, many of which are beyond the
Company's control, which could cause actual results and outcomes to
differ materially from those described in the forward-looking
statements. Risk Factors include, among others: ability to purchase
charged-off consumer receivables at appropriate prices, ability to
continue to acquire charged-off receivables in sufficient amounts
to operate efficiently and profitably, employee turnover, ability
to compete in the marketplace, acquiring charged-off receivables in
industries that the Company has little or no experience,
integration and operations of newly acquired businesses, ability to
achieve anticipated cost savings from office closings without the
disruption of collections associated with these offices, and
additional factors discussed in the Company's periodic reports
filed with the Securities and Exchange Commission on Form 10-K and
10-Q and exhibits thereto. Other Risk Factors exist, and new Risk
Factors emerge from time to time that may cause actual results to
differ materially from those contained in any forward- looking
statements. Given these risks and uncertainties, investors should
not place undue reliance on forward-looking statements as a
prediction of actual results. Furthermore, the Company expressly
disclaims any obligation to update, amend or clarify
forward-looking statements. In addition to the foregoing, several
Risk Factors are discussed in the Company's most recently filed
Annual Report on Form 10-K and other SEC filings, in each case
under the section titled "Forward Looking Statements" or similar
headings and those discussions regarding risk factors as well as
the discussion of forward looking statements in such sections are
incorporated herein by reference. DATASOURCE: Asset Acceptance
Capital Corp. CONTACT: Noel Ryan III of Lambert, Edwards &
Associates, Inc., +1-616-233-0500, or Web site:
http://www.assetacceptance.com/
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