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Annaly Capital Management-MTGE Investment deal gets more time to secure signoffs

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Annaly Capital Management-MTGE Investment deal gets more time to secure signoffs

Annaly Capital Management Inc. extended its exchange offer to buy all outstanding MTGE Investment Corp. common shares.

Under the offer, holders of MTGE common stock can elect to get, in exchange for each share of MTGE common stock they hold, $9.82 in cash and 0.9519 share of Annaly common stock; $19.65 in cash as the all-cash option; or 1.9037 shares of Annaly common stock as the all-stock election. Overall, the aggregate consideration should be half stock and half cash, so proration will apply to shareholders opting for all cash or all stock.

The offer will now expire at 5 p.m. ET on July 18, unless further extended. This extension gives the parties more time to obtain the remaining regulatory approvals, expected to come in the third quarter.

Computershare Trust Co. NA is depositary and exchange agent for the offer. As of 5 p.m. ET on June 14, around 955,185 of MTGE common shares had been validly tendered and not validly withdrawn under the offer, representing around 2.1% of the outstanding MTGE stock.

Wells Fargo Securities and Sandler O'Neill & Partners LP acted as financial advisers to Annaly, with Wachtell Lipton Rosen & Katz as legal counsel.