Debt buyer Encore Capital Group, based in San Diego, will move ahead as planned with the acquisition announced last month of Asset Acceptance Capital Corp. after certain closing conditions were met and a potential third-party buyer backed out of plans to offer an alternative to Encore's proposal.
The unidentified third-party suitor informed Warren, Mich.-based Asset Acceptance that it would not be able to submit a more favorable proposal.
Asset Acceptance also said Thursday that, in connection with the proposed merger, its move for early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was granted. This means the waiting period has ended and the merger is expected to move forward at the $200 million previously announced price.
As part of the deal, Encore Capital will have purchased more than 60 million individual consumer accounts, including credit card, telecommunications, consumer loans and other related assets, with a face value of more than $130 billion.
Encore Capital has been growing by buying loan portfolios from competitors, with two big transactions last year.