North Mill Equipment Finance LLC (NMEF), an independent commercial equipment lender located in Norwalk, CT, announced a letter was sent to the Special Committee of the Board of Directors of IOU Financial Inc. (IOU). NMEF’s proposed acquisition is at a 27 percent premium to the price per share agreed to by IOU and a group of inside shareholders representing 46.1 percent of the issued and outstanding shares of IOU announced on July 14, 2023.

“We are offering to all IOU shareholders a far superior price to the value of the Company presented by the inside shareholders that was accepted by the Special Committee in a sweetheart deal for those insiders,” said David C. Lee, Chairman and CEO of NMEF. “Our offer is not subject to any financing contingency nor access to confidential information.”