Westcorp Withdraws Proposal to Acquire Outstanding Minority Interest in WFS Financial Inc
WFS Financial Inc announced Sept. 27 that it had received notice from
Westcorp that the proposal to acquire the outstanding 16 percent
minority interest of WFS has been withdrawn.
On July 17, 2002, Westcorp had announced a merger proposal,
authorized by a special committee of Westcorp's independent directors,
whereby the public holders of WFS common shares would receive .9204 of
Westcorp common share for each outstanding WFS common share.
In its notice, Westcorp indicated that it had withdrawn that
proposal and was terminating further discussions with the independent
director special committee of WFS because the two special committees
were unable to reach an agreement on a mutually acceptable exchange
ratio for the proposed transaction.
WFS is one of the nation's largest independent automobile finance
companies. WFS specializes in originating, securitizing and servicing
new and pre-owned prime and non-prime credit quality automobile
contracts through its nationwide relationships with automobile
dealers.
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