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American Capital gains on strategic review, boost to buyback

Nov. 25, 2015 8:49 AM ETAmerican Capital (ACAS) StockBy: Stephen Alpher, SA News Editor4 Comments
  • Now an activist target, American Capital (NASDAQ:ACAS) responds, hiring Goldman Sachs to assist with a strategic review of all alternatives, including a sale of the company or various business lines.
  • The just-launched $300M-$600M buyback program is increased to $600M-$1B. Purchases will only be made at prices less than 85% of net asset value (Sept. 30 NAV was $20.44; yesterday's close of $13.90 was a 32% discount to that). The company expects to complete the buyback by June.
  • Results of the strategic review are anticipated no later than Jan. 31.
  • Source: Press Release
  • ACAS +6.4% premarket to $14.79.
  • Previously: American Capital becomes activist target; up 5% premarket (Nov. 16)

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