WEST PALM BEACH, Fla., March 11, 2008 (PRIME NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) (the "Company") today announced that it has been unable to reach an agreement as to the terms of a definitive agreement regarding a proposal (the "Proposal") made on January 14, 2008 by a group of investors led by William C. Erbey, Chairman and Chief Executive Officer of the Company ("Mr. Erbey"), Oaktree Capital Management, L.P. ("Oaktree") and Angelo, Gordon & Co., L.P. ("Angelo Gordon" and, together with Oaktree, the "Sponsors") to acquire all of the outstanding shares of the Company for $7.00 per share in cash. As a result, on March 11, 2008, the Sponsors delivered to the Special Committee of independent directors established to consider the Proposal (the "Special Committee") and to Mr. Erbey separate letters stating that the Sponsors were terminating discussions with the Special Committee regarding the Proposal. The Special Committee will continue to consider possible strategic opportunities for the Company, but has not made a decision with regard thereto. There can be no assurance that any transaction involving the Company will occur.
About Ocwen:
Ocwen Financial Corporation is a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment and receivables management services. Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, Florida, Georgia, Illinois and New York, and global operations in Canada, Germany and India. Utilizing our global infrastructure, state of the art technology, world-class training and six sigma processes, we provide solutions that make our clients' loans worth more. Additional information is available at www.ocwen.com.
Forward-Looking Statements:
Forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements, including prior forward-looking statements, to reflect the events or circumstances arising after the date as of which they were made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us.
This news release contains 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. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.
Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: general economic and market conditions, prevailing interest or currency exchange rates, governmental regulations and policies, international political and economic uncertainty, availability of adequate and timely sources of liquidity, federal income tax rates, real estate market conditions and trends and the outcome of ongoing litigation as well as other risks detailed in Ocwen's reports and filings with the Securities and Exchange Commission, including its periodic report on Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 and our Forms 8-K filed during 2007 and 2008. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements.