Annaly Capital (NLY) Begins Tender for CreXus Investment (CXS)
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Annaly Capital (NLY) to Acquire CreXus (CXS) for $13/Share
January 31, 2013 6:31 AM ESTAnnaly Capital Management, Inc. (NYSE: NLY) has reached a definitive agreement with CreXus Investment Corp. (NYSE: CXS) to acquire for $13.00 per share in cash (plus a payment in lieu of a prorated dividend) all the shares of CreXus that Annaly does not currently own.
CreXus has approximately 76,630,528 shares of common stock outstanding, of which Annaly holds 9,527,778 shares, or approximately 12.4%. The transaction values CreXus at $996 million and represents a total consideration paid by Annaly of $872 million.
The merger agreement has been approved by the CreXus Board of Directors, acting in accordance with a unanimous recommendation by a Special Committee of the CreXus Board consisting entirely of directors who are not employees of Annaly or any of its subsidiaries, including Fixed Income Discount Advisory Company (FIDAC), a wholly owned... More
