Consumer Portfolio Services Inc.: The Irvine company,...
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Consumer Portfolio Services Inc.: The Irvine company, which markets and services loans originated by automobile dealers, said Thursday that its subsidiary and largest shareholder, CPS Holdings Inc., will purchase 900,000 additional shares of the Consumer Portfolio’s stock.
The parent company would receive a $4.5-million cash infusion from the transaction, which is subject to shareholder approval. CPS Holdings, which owns 46.2% of Consumer Portfolio, has an option to purchase the 900,000 shares at $5 a share. Consumer Portfolio’s stock closed Thursday at $22.375 a share, down 37.5 cents, in Nasdaq trading.
Analysts say the deal will have no effect on Consumer Portfolio’s operations. CPS Holdings will lose its separate corporate identity in the agreement.
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