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Annaly to take over MTGE’s $55 million 8.125% preferreds in merger
By Susanna Moon
Chicago, May 3 – Annaly Capital Management, Inc. will assume the $55 million of 8.125% series A cumulative redeemable preferred stock issued by MTGE Investment Corp. under a planned merger.
Under the definitive agreement, Annaly will acquire MTGE for cash and shares of Annaly common stock, which values MTGE at $19.65 per share based on the closing price of Annaly common stock on April 30, which is a premium of about 12% to the 60-day volume-weighted average price of MTGE common stock ended April 30, according to a company announcement.
The deal has been approved by the companies’ boards of directors, the release added.
Annaly is a New York-based real estate investment trust. MTGE is a hybrid mortgage REIT based in Bethesda, Md.
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