Investor group breaks off merger talks with Ocwen

By Lisa Kerner

Charlotte, N.C., March 11 - Ocwen Financial Corp. was unable to come to terms on a definitive agreement with a group of investors led by the company's chief executive officer, William C. Erbey.

As a result, the investor group terminated discussions with Ocwen's special committee, according to a company news release.

Ocwen's special committee said it will continue to consider possible strategic opportunities.

In addition to Erbey, the investor group includes Oaktree Capital Management, LP and Angelo, Gordon & Co., LP.

In January, Erbey's group proposed taking Ocwen private for $7 cash per share.

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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