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Asta Funding board urges shareholders to reject Mangrove's tender offer for common shares

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Asta Funding board urges shareholders to reject Mangrove's tender offer for common shares

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.