News & Resources

Olshan Represents Elliott Management in Agreement to Support $3.4 Billion Acquisition of American Capital, Ltd. by Ares Capital Corporation

May 23, 2016

The Wall Street Journal, Bloomberg, Fortune, Reuters and other media sources reported on the announcement by American Capital, Ltd. (NASDAQ: ACAS) and Ares Capital Corporation (NASDAQ: ARCC) that they have entered into a definitive merger agreement under which Ares Capital will acquire American Capital in a transaction valued at $3.4 billion. American Capital also announced that it is selling its subsidiary American Capital Mortgage Management, LLC to American Capital Agency Corp. (NASDAQ: AGNC) for $562 million. Olshan client Elliott Management holds a 14.4% interest in American Capital and, after engaging with American Capital and its financial representatives during its strategic review process, agreed to support the transactions by entering into a Voting and Support Agreement with Ares Capital and a Letter Agreement with American Capital. Steve Wolosky, Andrew Freedman, Kenneth Mantel and Patrick Gadson represented Elliott Management in connection with this matter.