Annaly Capital Management, Inc. NLY (“Annaly”) and CreXus Investment
Corp. CXS (“CreXus”) today announced the final results of the tender
offer (the “Offer”), which commenced on March 18, 2013 and expired at 5:00 PM
ET on April 16, 2013, whereby through a newly formed subsidiary, CXS
Acquisition Corporation (“Acquisition”), Annaly offered to purchase all the
shares of CreXus that Annaly does not already own. Annaly has accepted for
purchase 55,225,336 shares of CreXus' common stock at a purchase price of
$13.05206 per share, for an aggregate cost of approximately $720.8 million,
excluding fees and expenses relating to the Offer. The 55,225,336 shares
accepted for purchase in the tender offer increase Annaly's direct and
indirect ownership to approximately 84.5% of CreXus' common stock.
The final Offer price of $13.05206 per share consists of a price per share of
$13.00 plus a payment in lieu of a prorated CreXus dividend of $0.05206 for
the period from March 29, 2013 through April 16, 2013 (the date the Offer
expired). The payment in lieu of a prorated dividend is based on the dividend
of $0.25 per share that CreXus paid to holders of record on March 28, 2013,
the calendar quarter immediately before the date the Offer expired.
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