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ValueAct Capital opposed to Chimera Investment's proposed 'massively dilutive' offering
By Lisa Kerner
Charlotte, N.C., Oct. 21 - Chimera Investment Corp. shareholder ValueAct Capital said the company's proposed "massively dilutive offering of 250 million new Chimera shares at a significant discount to current book value is misguided."
In an Oct. 21 letter to Chimera's board of directors, ValueAct urged the board and management to rethink the timing and size of the offering.
According to ValueAct, an 11.6% shareholder, Chimera is attempting to sell 250 million shares on a base of 36 million "at the worst possible time to be a seller."
Chimera is a New York-based real estate investment trust.
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