Auto Experience, Inc. Proposes To Acquire Auto Finance Firm Consumer Portfolio Services For $135 Million In Cash | News

DALLAS, Oct. 8, 2020 /PRNewswire/ — Auto Experience, Inc., created in 2018 to pursue strategic business opportunities in the automobile financing market, today announced it has informed the board of directors of Consumer Portfolio Services, Inc. (Nasdaq: CPSS) of its interest in acquiring the company in an all-cash transaction valued at $135 million.  An acquisition at that price would nearly double the current value of the Nasdaq-listed company.

Based in Irvine, Calif., Consumer Portfolio Services (CPS) is an independent specialty finance company that provides indirect automobile financing to consumers.  In an October 7, 2020 letter to the company formally conveying an “indication of interest,” Auto Experience said it proposes to acquire CPS for approximately $6.18 per share of common stock.  CPS shares closed at $3.35 on October 7, 2020.

In its letter to CPS, Auto Experience said it would add value to the company and its

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China-backed telecom firm says won’t spy on Philippines

MANILA (Reuters) – A new Philippine telecoms firm with Chinese state investment on Thursday described as “truly misplaced” concerns that communications equipment it will install at military camps will be used for spying.

FILE PHOTO: A woman shields herself from the sun as she walks past an office building of China Telecom, in Beijing, China August 11, 2020. Picture taken August 11, 2020. REUTERS/Tingshu Wang/File Photo/File Photo

The Philippine government last week allowed DITO Telecommunity Corp, a joint venture between state-run China Telecom and a tycoon close to President Rodrigo Duterte, to erect towers on military land for its $5.15 billion entry into the market, which includes 5G technology.

The consortium was the only qualified bidder in a 2018 license auction that followed months of Duterte saying he had offered China a spot in the Philippines’ telecom sector. China Telecom owns 40% of DITO.

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Senior manager of auto firm loses Rs 8L to card block fraud | Pune News

Pune: A 57-year-old senior manager of an automobile company on Monday lodged an FIR stating that he was duped of nearly Rs8 lakh in a debit card-related fraud in May.
According to the FIR, a man posing as an employee of a private bank’s Bandra branch called the complainant and told him that the bank would soon block his debit card. “He told the complainant that his fingerprints were needed to authenticate and activate his card,” senior inspector Ganesh Jawadwad of the Nigdi police said.
The suspect said the bank would be sending someone to collect the fingerprint samples. “He further asked the complainant to share his details and any messages he would receive on his mobile phone,” Jawadwad said.
Suspecting nothing, the complainant shared one-time passwords with the suspect and soon received the messages from the bank about varying amounts being debited. “The complainant raised this matter with the
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