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Mangrove Partners terminates tender offer to acquire Asta Funding common shares

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Mangrove Partners terminates tender offer to acquire Asta Funding common shares

Mangrove Partnershas terminated its cash tender offerto acquire 3 million common shares of AstaFunding Inc. at an offering price of $9.50 per share.

The tender offer was due to expire at 5 p.m. ET on May 9.

Mangrove terminated the tender offer because it determined thata condition to the tender offer would not be satisfied. Mangrove's obligation toacquire shares pursuant to the tender offer was subject to various terms and conditions,which included a condition that Mangrove could terminate the tender offer if Astahad not canceled its self-tender offer.

None of the common shares of Asta were purchased in the tenderoffer, and as a result of the termination all of the shares previously tenderedwill be promptly returned to the holders thereof, and no consideration will be paidto holders who have tendered their common shares.

Asta's board had urged stockholders to reject Mangrove's tender offer.