Asta FundingInc. on March 31 announced that its board has unanimouslydetermined to recommend that shareholders reject The Mangrove Partners MasterFund Ltd. unit MPF Investco 4 LLC's unsolicited tender offer to acquire up to 3 million Asta commonshares at $9.00 per share.
Asta said its board concluded that Mangrove's offer"significantly undervalues" the company.
In addition, Asta announced its plan to commence an issuertender offer for 3 million of the company's common shares pursuant to a Dutchauction format at a price range of $9.50 per share to $10.25 per share.
Keefe Bruyette & Woods Inc. served as financial adviserto Asta's board, and Windels Marx Lane & Mittendorf LLP is serving as thecompany's legal counsel.