FBR Capital Markets (FBCM) Announces Buyback of Company Stock from Arlington Asset Investment Corp.
More News related to FBCM
- Jacobs Chairman Noel Watson and CFO John Prosser to Speak at FBR Conference
- Navios Maritime Holdings Inc. to Present at Three December Conferences in New York City
- CNA Surety to Present at the FBR Capital Markets 2009 Fall Investor Conference on December 2nd, 2009
- MasTec Senior Management to Present at FBR Capital Markets 2009 Investor Conference in New York
- Walter Investment Management Corp. to Present at the FBR Capital Markets 2009 Fall Investor Conference
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.
Related Categories
Stock BuybacksStocks Mentioned
-0.16Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
