Key Developments: Crexus Investment Corp (CXS)
13.04USD
17 May 2013
$0.00 (+0.00%)
$13.04
$13.05
$13.05
$13.04
83,880
649,207
$13.36
$9.48
Latest Key Developments (Source: Significant Developments)
Crexus Investment Corp Declares First Quarter 2013 Dividend Of $0.25 per Share
Crexus Investment Corp announced that it has declared the first quarter 2013 common stock cash dividend of $0.25 per common share. This dividend is payable April 25, 2013 to common shareholders of record on March 29, 2013. The ex-dividend date is March 27, 2013. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Sale Of Crexus Investment Corp To Annaly Capital Management
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the sale of CreXus Investment Corp. (CreXus) to Annaly Capital Management, Inc. for shareholders. Under the terms of the proposed deal, CreXus shareholders will only receive $13.00 in cash for each share of CreXus stock owned. The CreXus sale investigation centers on whether CreXus` shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues CreXus` stock, and whether CreXus` board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "due to the proposed sale price, the recent performance of CreXus and other factors, we believe this transaction may undervalue CreXus` stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders." Full Article
Crexus Investment Corp Signs Definitive Agreement To Be Acquired By Annaly Capital Management Inc For $13.00 Per Share
Crexus Investment Corp announced that it has entered into a definitive merger agreement pursuant to which Annaly Capital Management, Inc. to acquire all of outstanding shares of common stock of the Company not currently owned by Annaly for $13.00 per share in cash. The Company expects to declare and pay regular quarterly dividends while transaction is pending. Under terms of agreement, the Company may solicit, receive, evaluate and enter into negotiations with respect to alternative proposals from third parties for a period of 45 calendar days continuing through March 16, 2013. The Company does not intend to disclose developments during this process, unless it determines that there is a need to update market, there can be no assurance that the process will result in receipt of a superior offer or that any other transaction will be approved or consummated. Annaly has agreed to not purchase shares of Company common stock in excess of the approximately 12.4% of outstanding that it currently owns. At the conclusion of the 45-day active solicitation period, a subsidiary of Annaly will commence a cash tender offer for all of shares of Company common stock not already owned by Annaly and subsidiaries for $13.00 per share, plus a pro-rated quarterly dividend through the end of the tender offer period. Lazard is acting as independent financial advisor and Goodwin Procter LLP is acting as independent legal advisor to the Special Committee in connection with this transaction. Full Article
Crexus Investment Corp Declares 4th Quarter 2012 Dividend Of $0.32 Per Share
Crexus Investment Corp announced that it has declared the fourth quarter 2012 common stock cash dividend of $0.32 per common share. This dividend is payable January 24, 2013 to common shareholders of record on December 31, 2012. The ex-dividend date is December 27, 2012. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Crexus Investment Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of CreXus Investment Corp relating to the proposed acquisition by Annaly Capital Management (Annaly Capital). Under the terms of the transaction, CreXus shareholders will receive only $12.50 in cash for each share of CreXus stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CreXus for not acting in the Company's shareholders' best interests in connection with the sale process to Annaly Capital. The transaction may undervalue the Company and will result in no substantial gain or even a loss for many CreXus shareholders. For example CreXus stock traded at $13.46 on January 27, 2011. In addition, the investigation seeks to determine if conflicts of interest played a role in the transaction as two employees of a wholly owned subsidiary of Annaly Capital are on the CreXus Board of Directors. Full Article
Finkelstein Thompson LLP Announces Investigation Of Crexus Investment Corp
The law firm Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of CreXus Investment Corp, concerning the proposed acquisition of the Company by Annaly Capital Management Inc. Under the terms of the transaction, CreXus shareholders would receive $12.50 per share in cash. The total value of the transaction is approximately $839 million. The investigation is focused on the potential unfairness of the consideration to shareholders, the process by which the Company’s Board of Directors is considering the transaction, and potential conflicts of interest among CreXus’ Board members. Full Article
Faruqi & Faruqi, LLP Announces Investigation of Board of Directors of CreXus Investment Corp
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of CreXus Investment Corp for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Annaly Capital Management, Inc. in an all-cash deal valued at approximately $839 million. Under the terms of the proposed transaction, CreXus stockholders will receive $12.50 in cash for each share of CreXus common stock they own. Whether CreXus’ Board of Directors is acting in accordance with their fiduciary duties to CreXus’ stockholders to conduct an adequate and fair sales process to sell the Company, whether the proposed transaction undervalues CreXus’ shares, whether CreXus’ Board of Directors is adequately negotiating a price increase for the proposed transaction and by how much this proposed transaction undervalues the Company to the detriment of CreXus’ shareholders is the key focus of this investigation. Full Article
Law Firm Kirby McInerney LLP Investigating Potential Claims on Behalf of Crexus Investment Corp Shareholders
Crexus Investment Corp announced that Kirby McInerney LLP is investigating potential claims against the Board of Directors the Company related to the proposed acquisition of the Company by Annaly Capital Management. Under the terms of the agreement, Annaly Capital will acquire all of the shares of CreXus that it does not already own for $12.50 per share, or approximately $839 million. Full Article
Annaly Capital Management Inc Announces Proposal To Acquire CreXus Investment Corp.
Annaly Capital Management Inc announced that it has proposed to the Board of Directors of CreXus Investment Corp. to acquire for cash all of the shares of CreXus that Annaly does not currently own. Under the terms of the proposal, Annaly proposes to acquire all the CreXus shares it does not already own for $12.50 per share in cash. BofA Merrill Lynch is acting as financial advisor and K&L Gates LLP is acting as legal advisor to Annaly in connection with this proposal. Full Article
Crexus Investment Corp Declares Third Quarter 2012 Dividend of $0.32 per Share
Crexus Investment Corp announced that it declared the third quarter 2012 common stock cash dividend of $0.32 per common share. This dividend is payable October 25, 2012 to common shareholders of record on October 1, 2012. The ex-dividend date is September 27, 2012. Full Article
Annaly Capital to take control of CreXus in $872 million deal
- Annaly Capital Management Inc will gain control of CreXus Investment Corp after raising its offer for the remaining 88 percent stake in the commercial mortgage investor.
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