American Capital has announced that it has completed the acquisition of the shares of its affiliate European Capital that it did not already own.
American Capital has announced that it has completed the acquisition of the shares of its affiliate European Capital that it did not already own.
The shares had previously traded on the main market of the London Stock Exchange.
The acquisition was approved by a special majority of the shareholders of European Capital, not including American Capital, and the Royal Court of Guernsey.
In February, American Capital stockholders had approved the issuance of shares at a price below the stock’s net asset value, allowing the acquisition to proceed.
The acquisition was completed on 26 March 2009 by means of a scheme of arrangement under Guernsey company law, which provided that each outstanding European Capital ordinary share at the time of the acquisition (other than any owned by American Capital or held in treasury) was acquired for 0.333 shares of American Capital common stock.
Prior to the transaction, American Capital owned 67.7 per cent of European Capital.
Malon Wilkus, American Capital chairman and chief executive officer (pictured), says: "We greatly appreciate the support shown by the shareholders of both European Capital and American Capital in approving this transaction."
