CreXus Investment Confirms Receipt of Acquisition Proposal by Annaly For $12.50 per Share
CreXus Investment (NYSE: CXS) today confirmed that its Board of Directors has received a proposal letter from Annaly Capital Management, Inc. (NYSE: NLY) to acquire all of the outstanding shares of Common Stock of CreXus not currently owned by Annaly for $12.50 per share in cash. Annaly owns approximately 12.4% of CreXus' Common Stock. Fixed Income Discount Advisory Company (“FIDAC”), a wholly owned subsidiary of Annaly, manages CreXus, and each CreXus' officers also serve as an employee of Annaly or FIDAC.
CreXus' Board of Directors has formed a Special Committee of independent directors consisting of Patrick Corcoran, Robert Eastep and Nancy Jo Kuenstner to consider Annaly's proposal. The Special Committee intends to retain independent advisors, including an independent financial advisor, to assist in its work. No decisions have been made by the Special Committee with respect to CreXus' response to the proposal. There can be no assurance that any agreement will be executed or that this or any other transaction will be approved or consummated.
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