March 6 Debt collector Encore Capital Group Inc
has agreed to buy Asset Acceptance Capital Corp
for $200 million to strengthen its position in a highly
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.