MINNEAPOLIS, March 31 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced that its shareholders had voted today to approve the merger of AFCC
Newco, Inc., a wholly owned subsidiary of Associates First Capital Corporation
(NYSE: AFS), with and into Arcadia. As a result of the merger, Arcadia will
become a wholly owned subsidiary of The Associates. Under the terms of the
merger agreement, Arcadia shareholders will receive for each share of Arcadia
common stock $4.90 in cash, plus a residual value obligation which will
participate in cash flows in excess of agreed-upon amounts released from
Arcadia's existing securitization transactions. The merger is expected to be
consummated on April 3, 2000.
"We are delighted that holders of our common stock have approved the
merger," said Richard Greenawalt, chief executive officer of Arcadia. "The
acquisition of Arcadia by a company of the quality of The Associates is a
tremendous result for all of our shareholders, debt holders, employees and
customers," said Mr. Greenawalt.
Arcadia Financial Ltd. is a Minneapolis-based consumer financial services
company specializing in purchasing, selling and servicing retail installment
contracts for new and used automobiles originated in 45 states. Its Regional
Buying Centers are located in Arizona; northern and southern California;
Colorado; Florida; Georgia; Maryland; Massachusetts; Minnesota; Missouri; New
York; North Carolina; Tennessee; north, south and west Texas; and Washington.
Associates First Capital Corporation, established in 1918, is a leading
diversified finance company providing consumer and commercial finance,
leasing, insurance and related services worldwide. The Associates has
operations in the United States and 14 international markets.
This News Release May Contain Forward-Looking Statements. The Factors,
Which May Cause Future Results To Differ Materially From Expectations, Are
Discussed In Arcadia's Form 10-K For The Year Ended December 31, 1999, Filed
With The Securities And Exchange Commission.
SOURCE Arcadia Financial Ltd.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/652638.html or fax,
800-758-5804, ext. 652638
CONTACT:
Scott Fjellman of Arcadia Financial Ltd.
612-944-4582, fjelsr@arcadiafin.com
|
