Olshan Represents Elliott Management in Agreement to Support $3.4 Billion Acquisition of American Capital, Ltd. by Ares Capital Corporation
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 and Kenneth Mantel represented Elliott Management in connection with this matter.