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October 7, 2007
Lone Star: What Could Have Been
It is being reported that Lone Star completed its tender offer for Accredited Home Lenders at midnight Friday, Oct 5. Congratulations to those arbitrageurs who bet on Lone Star completing the deal. But for me, the deal was a disappointment because it would have been nice to see another case in Delaware interpreting a material adverse change clause and the disproportionality exclusion in particular. Nonetheless, the deal provides many lessons on the behavior of corporate actors in the exercise and resolution of MAC claims. I'm putting together a case study on it for my M&A class which I will make available when completed. For those still nostalgic, here are links to all of my posts discussing the transaction:
Accredited Home Lenders: The Back End
Accredited Home Loves Lone Star
Lone Star's "Material Adverse Change"
October 7, 2007 in Material Adverse Change Clauses | Permalink
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