QualityStocks would like to highlight Access Plans, Inc.(OTCBB: APNC) a leading membership and insurance marketing company, with three complementary distribution channels offering multiple opportunities for growth. The Wholesale Plans Division specializes in turnkey, private label membership benefit plans offered through retail outlets including rent-to-own centers. The Retail Plans Division markets healthcare-related discount products and services to consumers through third party marketers. Program components in both membership plan divisions range from medical, dental and pharmacy discounts to grocery, restaurant, automotive, travel and other consumer discounts. The Insurance Marketing Division comprises America’s Health Care Plans, one of the nation’s largest independent agent networks for distributing individual major medical health insurance.
In the company’s news yesterday,
Access Plans, a leading membership benefits marketing company with customers in the United States and Canada, today announced it will be acquired by Aon Affinity, a unit of global risk management business, Aon Corporation.
Per the agreement, Aon Affinity will acquire all Access Plans outstanding shares and options to acquire the company’s common stock for cash consideration of approximately $70.1 million, subject to adjustment for various necessary and closing expenses; assuming a net cash amount of $15.0 million, the per share cash consideration is approximately $3.30.
Access Plans is a membership plan provider in the specialty rent-to-own market space. The company bundles a wide range of non-insurance, commonly used products and services, from medical, dental, and pharmacy benefits, to groceries, and hotel rooms. The company sells these plans to consumers primarily in retail and rent-to-own businesses established in more than 10,000 stores in the U.S., Canada and Puerto Rico.
Access Plans CEO and Chairman Danny Wright said the acquisition is the next step in the company’s move toward overall company growth and value.
“At Access Plans, we provide opportunities for people to save money on the things they spend money on every day and offer access to products and services they might otherwise be unable to afford,” Wright stated in the press release. “This sale represents a natural step for us. Becoming a part of the leading risk advisory firm translates into a positive outcome for our shareholders, greater options and value for our clients and increased opportunities for our employees.”
Access Plans’ executive team and administrative staff will remain in their Norman, Oklahoma, and Irving, Texas, locations, and will operate as a business unit of Aon Affinity in Hatboro, Penn.
The deal is expected to close during the second quarter of 2012, and is subject to various closing conditions.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
