Ocwen CEO offers to acquire company

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Ocwen Financial Corp.'s chief executive officer William C. Erbey and a group led by Oaktree Capital Management, LP and Angelo, Gordon & Co. proposed taking the company private for $7 cash per share.

As a result, Ocwen's board of directors formed a special committee of independent directors to consider the group's proposal, according to a company news release.

The special committee is being advised by Evercore Group.

Erbey, in a Jan. 14 letter to the board, said he would make a "significant investment" in the deal and would give Ocwen's senior management team the opportunity to participate as well.

Financing would include equity from Erbey and from investment funds managed by the investor group as well as an additional $150 million of debt or other financing.

Ocwen is a West Palm Beach, Fla.-based business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment and receivables management services.

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