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Clayton sold to Private Equity Firm.
Shelton, CT -- Clayton Holdings, a due diligence and surveillance provider that has been adversely affected by the subprime mortgage debacle, has agreed to be purchased by Greenfield Partners for $6 per share, or approximately $134 million plus the repayment of $23.8 million of debt.
The purchase price represents a premium of 24% over Clayton's closing stock price on April 11, just before the deal was announced. It's also a premium of 33% over Clayton's average closing price during the 30 trading days that ended April 11.
The rich premium may be an indication that players in the market are regaining confidence in the future of the mortgage securitization business. Clayton also performs specialty subservicing.
Frank Filipps, chairman and CEO, said in announcing the deal the transaction will benefit shareholders, clients and employees.
"It provides a significant premium to our shareholders during a period of unprecedented difficulty and great uncertainty in the markets we serve. For our clients and employees, the transaction will strengthen our balance sheet and allow us to continue to invest in European ...
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Source: HighBeam Research, Clayton sold to Private Equity Firm.