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BakerHostetler M&A and Securities Litigation Team Represents Asta Funding in Response to Shareholder Action

News / June 1, 2017

A team of BakerHostetler Mergers and Acquisitions and Securities Litigation attorneys represented Asta Funding, Inc. (NASDAQ: ASFI) in connection with the creation of an independent special committee of the board of directors and response to hostile actions by an activist shareholder, Mangrove Partners. Over a period of nine months, the BakerHostetler team advised the special committee on strategic alternatives to consider, a possible settlement agreement with the activist, the public tender offer process whereby there was a self-tender for all shareholders at $10.35, and subsequent separate share purchase agreement. Asta at the time had a market capitalization of approximately $150 million. In connection with the resolution of the matter, without litigation or a proxy fight, the company also entered into a voting agreement and approved governance changes. Duff & Phelps acted as financial advisor to the special committee.

The BakerHostetler team included Partners Steven Goldberg, Marc Powers, Walter Van Dorn, Geoff Coll and Associates Seth Engel and Josh Rog.

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