White River Capital Inc. (RVR) and Parthenon Capital Partners, a Boston and San Francisco based private equity firm, announced the signing of a definitive merger agreement pursuant to which an affiliate of Parthenon will acquire White River and its wholly-owned subsidiary Coastal Credit, L.L.C.
As per the terms of the merger agreement an affiliate of Parthenon, in which Parthenon's partner, OP Trust, is an investor, will acquire all of the outstanding shares of White River common stock in an all-cash transaction for an aggregate deal value of approximately $79.5 million or $21.93 for each share of White River common stock.
The merger consideration is subject to adjustment up or down as provided in the Merger Agreement, within a range of $2 million in either direction to take account of the Company's operations between signing and closing and certain estimated transaction expenses.
For comments and feedback: editorial@rttnews.com