Annaly Capital Management Inc will gain control of CreXus Investment Corp after raising its offer for the remaining 88 percent stake in the commercial mortgage investor.Annaly raised its offer 50 cents to $13 per share, or $872 million, as it looks to add a line of business that will help cushion any blows from the U.S. Federal Reserve's latest round of bond buying.Shares of CreXus, which invests mainly in commercial mortgage loans and commercial mortgage-backed securities, rose 6 percent in premarket trade on Thursday.Annaly, known for its big dividends, typically borrows short term at low rates and buys mortgage-backed securities (MBS) guaranteed by agencies such as Fannie Mae and Freddie Mac.
CreXus Investment Corp. is a real estate investment trust (REIT). Shares of CXS traded higher by 6.08% or $0.76/share to $13.26. 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 8168959.
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 traded higher by 0.2% or $0.03/share to $14.98. 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 1481844.
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