Merisel, a company ACAS hopes to purchase, postpones a special stockholder meeting to consider approval of its agreement to be acquired by an affiliate of American Capital Strategies. As this acquisition gets delayed, investors lose confidence that this deal will be as lucrative to ACAS.
Under a new accounting rule, companies are required to report their assets with more emphasis on what they could sell them for today. This accounting rule change will require ACAS to reduce the value of its loans made to other companies. This decrease in valuation brought the stock down.