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Thursday, December 27, 2012

American Securities sells NEP in sprint ahead of 'fiscal cliff', (NASDAQ: FINL)

Private equity firm American Securities LLC said on Thursday it sold a U.S. media production company to peer Crestview Partners, in one of the clearest examples yet of a firm rushing to close a deal before the end of the year to avoid a potentially larger tax bill.NEP Broadcasting LLC, a Pittsburgh-based provider of trucks used as mobile production units for television networks such as ABC, Fox and ESPN, was sold to Crestview for roughly $800 million, two sources familiar with the situation said.Jeff Marcus, a partner at Crestview, described the transaction as a 40-day sprint to the finish line from when the talks first started. The deal was signed on Monday and money changed hands the same day."It was important for American Securities to close the deal by the end of the year," Marcus said.

The Finish Line, Inc., together with its subsidiaries, is a mall-based specialty retailers in the United States, and operates two retail divisions under the Finish Line brand name (Finish Line) and Running Specialty Group (Running Specialty). Shares of FINL traded higher by 1.03% or $0.19/share to $18.65. In the past year, the shares have traded as low as $17.41 and as high as $26.16. On average, 765925 shares of FINL exchange hands on a given day and today's volume is recorded at 931663.