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American Capital Says It Completed Initial Phase Of Strategic Review, Shares Surge Higher

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Shares of American Capital Ltd. (NASDAQ: ACAS), a global asset manager and private equity firm, surged higher by nearly 7 percent at $14.88 early Friday morning after the company announced it has completed the initial phase of a previously announced strategic review.

American Capital stated that following the initial review, its Board of Directors has authorized the company to proceed with the solicitation of offers to acquire the entire company or various business lines.

Neil M. Hahl, American Capital's Chair of the Board's Independent Strategic Review Committee stated that soliciting proposals at this time "provides the best and most expedient path to unlock shareholder value."

"The management team recommended and fully supports the decision by the Board to proceed with the solicitation of offers and believes that it is in the best interests of our shareholders," said Malon Wilkus, American Capital Chairman and Chief Executive Officer. "Our business lines and assets have tremendous value, which is not reflected in our current share price, and we believe these actions will help realize that value. We are working closely with our advisors to maximize shareholder value."

Shares traded recently at $14.73, up 5.4 percent.

Posted-In: Asset Manager Malon Wilkus Neil M. Hahl private equity Strategic ReviewNews Movers

 

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