FBR Capital Markets (FBCM) Announces Buyback of Company Stock from Arlington Asset Investment Corp.
More News related to FBCM
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- FBR Capital Markets Corporation Announces Pricing of Secondary Offering of Common Stock
- Arlington Asset Investment Corp. Announces Secondary Offering of Common Stock of FBR Capital Markets
FBR Capital Markets Corporation (Nasdaq: FBCM) announced that it has entered into a Repurchase Agreement with Arlington Asset Investment Corp. (formerly Friedman Billings Ramsey Group, Inc.) to purchase 16,667,000 FBCM shares at a $4.35 share price for $72.5 million. The transaction represents approximately 50% of the ownership stake in FBR Capital Markets held by Arlington Asset Investment Corp. After retirement of these repurchased shares, Arlington Asset's ownership of FBR Capital Markets will have been reduced from approximately 56% to approximately 39%. The transaction is expected to close prior to June 2, 2009, subject to customary closing conditions.
The companies have also agreed to terminate certain intercompany service and governance agreements in order to complete the strategic separation of the entities.
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