Special Notice
Encore Capital Group Closes Acquisition of Asset Acceptance
June 13, 2013 – Encore Capital Group, Inc. (NASDAQ: ECPG) announced
today that it has closed its acquisition of Asset Acceptance Capital
Corp. All operating subsidiaries of Asset Acceptance are now part of
Encore Capital Group. Combined, Encore and Asset Acceptance have
purchased over 60 million individual consumer accounts, including
credit card, telecommunications, consumer loans and other related
assets, with a face value of over $130 billion.
“The acquisition of Asset Acceptance provides us not only with an
additional portfolio, but also with valuable operations capabilities
and synergy opportunities,” said Encore’s President and CEO Ken
Vecchione. “Consumers also stand to benefit as we extend Encore’s
industry-leading Consumer Bill of Rights to millions more people who
are on their way to financial recovery.”
Click
here for press release.
Under the terms of the agreement, Encore acquired Asset Acceptance
for $6.50 per share, a total equity value of approximately $200
million. This represents a 24 percent premium to Asset Acceptance’s
30-day volume weighted average share price. At the time of the
acquisition announcement, Asset Acceptance had Estimated Remaining
Collections of $1 billion.
Click here to access Encore Capital Group’s
Investor Information.
If you are a consumer currently working with Asset Acceptance,
please continue to make your payments
here or call Customer Service at (800) 545-9931.
Asset Acceptance Recovery Services, a wholly owned subsidiary of AACC, is a comprehensive, nationwide legal collections solution.
Learn more about Asset Acceptance Recovery Services
