DFC Global Corp. of Berwyn, an international diversified financial services company serving primarily unbanked and under-banked consumers, recently announced its financials and that on June 6 its stockholders will vote in a special meeting on the firm’s acquisition by an affiliate of Lone Star Funds.
Recently lead plaintiffs KC Gamma Opportunity Fund, L.P. and Michael Marcus withdrew the motion for a preliminary injunction they previously filed in the Court of Chancery of the State of Delaware to enjoin the special meeting of the company’s stockholders. The company expects to hold the meeting at 9 a.m. June 6.
DFC Global’s board of directors and management team issued a statement saying they believe the transaction, which delivers certain and immediate cash value, is in the best interests of all stockholders and unanimously recommends stockholders vote for the proposal to approve the merger.
Houlihan Lokey Capital, Inc. is acting as financial advisor to DFC Global in connection with the transaction. Pepper Hamilton LLP is acting as DFC Global’s legal advisor. Jefferies LLC is acting as lead financial advisor to Lone Star Funds and Credit Suisse Securities (USA), LLC is acting as financial advisor. Jefferies Finance LLC and Credit Suisse AG are providing debt financing commitments for the acquisition. Gibson, Dunn & Crutcher LLP is acting as legal counsel to Lone Star Funds.
Lone Star is a global private equity firm that invests in real estate, equity, credit, and other financial assets. Since 1995 Lone Star has organized twelve private equity funds with aggregate capital commitments totaling over $45 billion.
DFC’s most recent fiscal report is here.
DFC Global Corp. is an international non-bank provider of alternative financial services, principally unsecured short-term consumer loans, secured pawn loans, check cashing, gold buying, money transfers and reloadable prepaid debit cards, serving primarily unbanked and under-banked consumers through approximately 1,500 current retail storefront locations and multiple Internet platforms in 10 countries.