Imperial Bancorp plans to sell its 24% stake in the struggling finance company Imperial Credit Industries to Leucadia National Corp. for $9.25 a share, or about $26 million.
The deal, which is pending due diligence by Leucadia, would also give Imperial a 20% share of any gains if Leucadia buys all of Imperial Credit or sells its stake in 24 months. The transaction is scheduled to close in the first quarter.
Access to authoritative analysis and perspective and our data-driven report series.
The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables.