Annaly Capital Management to Acquire CreXus Investment Corp. for $12.50/Share in Cash
Annaly Capital Management (NYSE: NLY)
announced today that it has proposed to the Board of Directors of CreXus
Investment Corp. (NYSE: CXS) to acquire for cash all of 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%.
Under the terms of the proposal, Annaly proposes to acquire all the
CreXus shares it does not already own for $12.50 per share in cash. This
represents approximately a 13% premium to CreXus' last reported share
price, approximately a 16% premium to the