Business Services Industry
Texas-Based Financial Firm to Acquire Auto-Financing Company.
Knight Ridder/Tribune Business News, November, 1999 by Hughlett, Mike
Knight Ridder/Tribune Business News
Nov. 16 -- Bloomington-based auto finance company Arcadia Financial said Monday that it will be sold for about $200 million to Associates First Capital Corp. of Irving, Texas, ending Arcadia's bid to retain its former glory.
Arcadia will be sold for approximately $4.90 per share -- a relatively cheap price, analysts said, and well below the stock's peak of around $30 in 1995.
Arcadia's stock began languishing in early 1997 after Wall Street soured on consumer finance firms, and the company never fully recovered.
"They had made a lot of strides (since 1997) in building a better business," said Keith Menzel, an analyst at John G. Kinnard & Co. in Minneapolis. "But at the end of the day, it was too...
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