Southfield, Michigan, June 17, 2014 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:
CACC) (referred to as the "Company", "Credit Acceptance",
"we", "our", or "us") announced today the final results of our
tender offer, which expired at 5:00 p.m., New York City time, on
June 16, 2014. We commenced the tender offer on May 16, 2014
to purchase up to 915,750 shares of our outstanding common stock at
a price of $125.58 per share, net to the seller in cash, without
interest. Based on the final count by Computershare Trust
Company, N.A., the Depositary for the tender offer, 5,352,622
shares of common stock were properly tendered and not properly
withdrawn. Because more than the maximum 915,750 shares were
tendered, we have accepted for purchase only a prorated portion of
the shares tendered by each tendering shareholder, other than odd
lot shareholders, as described in our Offer to Purchase. The
proration factor used by us in accepting for purchase tendered
shares was approximately 17.1%.
We will promptly pay for 915,750 tendered shares
of our common stock at a price of $125.58 per share, net to the
seller in cash, without interest, at a total cost of approximately
$115.0 million. We are financing the purchase of our
securities in the tender offer by borrowing under our revolving
secured warehouse facility.
As a result of the completion of the tender offer, we have
approximately 21.6 million shares of common stock outstanding.
Georgeson, Inc. was the Information Agent for the tender
Description of Credit Acceptance
Since 1972, Credit Acceptance has offered
automobile dealers financing programs that enable them to sell
vehicles to consumers, regardless of their credit history.
Our financing programs are offered through a nationwide network of
automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral
sales generated by these same customers; and from sales to
customers responding to advertisements for our product, but who
actually end up qualifying for traditional financing.
Without our financing programs, consumers are
often unable to purchase a vehicle or they purchase an unreliable
one. Further, as we report to the three national credit
reporting agencies, an important ancillary benefit of our programs
is that we provide a significant number of our consumers with an
opportunity to improve their lives by improving their credit score
and move on to more traditional sources of financing. Credit
Acceptance is publicly traded on the NASDAQ under the symbol
CACC. For more information, visit creditacceptance.com.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
Source: Credit Acceptance Corporation