Well that's something you don't see every day
One week after IOU Financial announced it would be acquired by Neuberger Berman, Palos Capital and Fintech Ventures, a curveball hit the wires. North Mill Equipment Finance LLC submitted its own bid for the company! Not only is NMEF a sizable player in the equipment finance space but one of NMEF’s controlled affiliates, BriteCap Financial LLC, has a name for itself as well. BriteCap used to be known as ForwardLine Financial, a small business lender founded in 2003.
In NMEF's bold bid for IOU, NMEF CEO David C. Lee wrote to the Special Committee of the Board of Directors of IOU and said: "We are offering to all IOU shareholders a far superior price to the value of the Company presented by the inside shareholders that was accepted by the Special Committee in a sweetheart deal for those insiders. Our offer is not subject to any financing contingency nor access to confidential information."
It remains to be seen what will happen here!
In other news, did you register for the industry's signature event on the west coast? deBanked CONNECT San Diego is less than two months away. Join the small business funding industry on Sept 21! We'll see you there!
- The admin
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