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Article: Allied Capital Bought by Ares.(News)(Brief article)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- November 2, 2009
- Author:
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Byline: Jonathan Marino
Ares Capital Corp., the listed, New York-based investment company, bought out Washington, D.C., based Allied Capital.
The news of the merger sent both companies' shares spiking; Ares was up about 10% in morning trading and Allied stock, the target, went up about 25 percent.
For Allied, its sale represents a small victory after a string of losses. Earlier this year, William Walton, the firm's former chief executive, stepped down from his position after more than a decade and Allied shuttered multiple locations as it struggled to maintain value in early 2009. This year, Allied shares plummeted from more than 96% of their ...