Access Plans, a leading membership benefits marketing company with customers in the United States and Canada, today announced it will be acquired by Aon Affinity, a unit of global risk management business, Aon Corporation.
Per the agreement, Aon Affinity will acquire all Access Plans outstanding shares and options to acquire the company's common stock for cash consideration of approximately $70.1 million, subject to adjustment for various necessary and closing expenses; assuming a net cash amount of $15.0 million, the per share cash consideration is approximately $3.30.
Access Plans is a membership plan provider in the specialty rent-to-own market space. The company bundles a wide range of non-insurance, commonly used products and services, from medical, dental, and pharmacy benefits, to groceries, and hotel rooms. The company sells these plans to consumers primarily in retail and rent-to-own businesses established in more than 10,000 stores in the U.S., Canada and Puerto Rico.
Access Plans CEO and Chairman Danny Wright said the acquisition is the next step in the company's move toward overall company growth and value.
"At Access Plans, we provide opportunities for people to save money on the things they spend money on every day and offer access to products and services they might otherwise be unable to afford," Wright stated in the press release. "This sale represents a natural step for us. Becoming a part of the leading risk advisory firm translates into a positive outcome for our shareholders, greater options and value for our clients and increased opportunities for our employees."
Access Plans' executive team and administrative staff will remain in their Norman, Oklahoma, and Irving, Texas, locations, and will operate as a business unit of Aon Affinity in Hatboro, Penn.
The deal is expected to close during the second quarter of 2012, and is subject to various closing conditions.
For more information visit aon.com
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