trending Market Intelligence /marketintelligence/en/news-insights/trending/dea4F6itcBEOHt29JBsF_g2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

ARMOUR's tender offer for JAVELIN common shares meets minimum condition

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

ARMOUR's tender offer for JAVELIN common shares meets minimum condition

ARMOURResidential REIT Inc. and JAVELIN Mortgage Investment Corp. said April 4 thatARMOUR's $85.2 million cash tender offer for all of the outstanding JAVELINcommon shares has met the minimum condition.

ARMOUR, through its newly formed subsidiary, JMI AcquisitionCorp., has agreed to purchase 6,785,972 JAVELIN common shares that wereproperly tendered, including 594,297 shares tendered through notices of guaranteeddelivery, and not withdrawn prior to the expiration of the tender offer at thetender offer price of $7.18 pershare, for an aggregate cost of approximately $48.7 million,excluding related fees and expenses.

The 6,785,972 JAVELIN common shares that ARMOUR has agreedto purchase in the tender offer will result in ARMOUR's ownership ofapproximately 57.2% of JAVELIN's outstanding common shares as of April 1.

The tender offer commenced March 7 and expired at 11:59 p.m.ET on April 1.

Pursuant to the merger agreement between the two companies, ARMOURintends to complete the acquisition of JAVELIN through a second-step merger inwhich all of the remaining JAVELIN common shares that ARMOUR did not buy in thetender offer will be converted into the right to receive the same cash priceper share, which is $7.18 per share, for an aggregate cost of approximately$36.5 million.

Maryland law does not require that the merger be approved bythe JAVELIN shareholders. In accordance with Maryland law, the merger isexpected to be consummated on April 6. Upon consummation of the Merger, JAVELINwill become a wholly owned subsidiary of ARMOUR. Following the merger, it isanticipated that JAVELIN common shares will cease to be traded on the NYSEbefore the open of market on April 7.

Lazard Frères and Co. LLC served as financial adviser toARMOUR and provided a fairness opinion to ARMOUR's board. Akerman LLP served aslegal counsel to ARMOUR. JMP Securities LLC served as financial adviser to theindependent special committee of the board of JAVELIN, and provided a fairnessopinion to JAVELIN's special committee. Duane Morris LLP and Venable LLP servedas legal counsel to JAVELIN's special committee. Wachtell Lipton Rosen &Katz served as legal counsel to JAVELIN.

The information agent with regard to the tender offer isAlliance Advisors LLC. Continental Stock Transfer & Trust Co. is thedepositary and paying agent.