North Mill Equipment Finance sent a letter recently to the special committee of the board of directors of IOU Financial proposing to acquire the company at a 27% premium to the price per share agreed to by IOU and a group of inside shareholders representing 46.1% of the issued and outstanding shares of IOU on July 14.

“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,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “Our offer is not subject to any financing contingency nor access to confidential information.”