Consumer Portfolio Services’ Board of Directors Unanimously Rejects Unsolicited Indication of Interest from Auto Experience...
November 11 2020 - 5:35PM
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the
“Company”) today announced that its board of directors unanimously
rejected Auto Experience Inc.’s (“AEI”) unsolicited indication of
interest in acquiring the Company.
After careful review and consideration, the CPS board concluded
that AEI’s indicated price of $135 million grossly undervalues the
Company. Taking into account the Company’s long-term prospects, the
board determined that pursuing such a transaction would not be in
the best interests of the Company’s shareholders. In addition, the
CPS board does not believe that AEI’s indication of interest is
credible.
About Consumer Portfolio Services,
Inc.
Consumer Portfolio Services, Inc. is an independent specialty
finance company that provides indirect automobile financing to
individuals with past credit problems, low incomes or limited
credit histories. CPS purchases retail installment sales contracts
primarily from franchised automobile dealerships secured by late
model used vehicles and, to a lesser extent, new vehicles. CPS
funds these contract purchases on a long-term basis through the
securitization markets and services the loans over their entire
contract terms.
Investor Relations Contact
Jeffrey P. Fritz, Chief Financial Officer844-878-CPSS
(844-878-2777)
Consumer Portfolio Servi... (NASDAQ:CPSS)
Historical Stock Chart
From Jul 2024 to Aug 2024
Consumer Portfolio Servi... (NASDAQ:CPSS)
Historical Stock Chart
From Aug 2023 to Aug 2024