Encore Capital buys Asset Acceptance Capital for $200 mln
March 6 (Reuters) - Debt collector Encore Capital Group Inc has agreed to buy Asset Acceptance Capital Corp for $200 million to strengthen its position in a highly fragmented industry.
Encore's offer of $6.50 per share represents a premium of 13 percent to Asset Acceptance's Tuesday closing price.
Warren, Michigan-based Asset Acceptance buys individual consumer accounts, including credit card, telecommunications, and consumer loans.
Its shareholders will have the option to receive their consideration in cash or Encore stock or a combination of both.
Encore bought Propel Financial, a tax lien company, for $187 million in May last year.
Encore shares closed at $30.07 on Tuesday on the Nasdaq.
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