Mortgage-backed REIT Annaly Capital Management Inc said it will spend $872 million to purchase all the shares of CreXus Investment Corp it does not already own. Annaly, which holds about 12.4 percent of CreXus, will pay $13 per share in cash for the remaining shares, a 4 percent premium to the stock's Wednesday close.The deal, which has been approved by the CreXus board, values CreXus at about $996 million.Annaly, the largest mortgage REIT listed on the New York Stock Exchange, had in November offered $12.50 for each CreXus share, then a 13 percent premium.
Shares of CXS remained unchanged at $12.50. In the past year, the shares have traded as low as $9.48 and as high as $12.69. On average, 1217750 shares of CXS exchange hands on a given day and today's volume is recorded at 0.
Annaly Capital Management, Inc. (Annaly) owns, manages, and finances a portfolio of real estate related investments, including mortgage pass-through certificates, collateralized mortgage obligations (CMOs), Agency callable debentures, and other securities representing interests in or obligations backed by pools of mortgage loans. Shares of NLY remained unchanged at $14.95. In the past year, the shares have traded as low as $13.72 and as high as $17.75. On average, 13602500 shares of NLY exchange hands on a given day and today's volume is recorded at 0.
Source
