ARMOUR Residential REIT, Inc. (ARR) - NYSE
  • Mon, Mar. 7, 7:35 AM
    • The price to be paid will be 87% of the book value per share calculated ten days prior to the expiration of the tender offer (April 1).
    • As of March 4, the price to be paid is estimated to be $7.21 per share based on JMI's estimated BVPS of $8.28. JMI closed on Friday at $7.08.
    • Previously: More mREIT M&A as Armour Residential scoops up Javelin (March 2)
    | Mon, Mar. 7, 7:35 AM | 11 Comments
  • Wed, Mar. 2, 7:20 AM
    • The two struggling mortgage REITs share the same external manager, so the transaction isn't as exciting as it otherwise might be. Jeff Zimmer and Scott Ulm are co-CEOs and co-vice chairmen of both.
    • Under the terms of the deal, Armour (NYSE:ARR) will tender to acquire all of Javelin (NYSE:JMI) for a cash amount equal to 87% of book value. Based on JMI's estimated book value as of March 1, the price would be $7.14 per share vs. last night's close of $6.
    • The deal will bring Javelin's portfolio of non-agency MBS onto the Armour balance sheet (filled with agency MBS).
    • Source: Press Release
    • Previously: Mortgage REITs mull Apollo sale (Feb. 26)
    | Wed, Mar. 2, 7:20 AM | 26 Comments
Company Description
ARMOUR Residential REIT, Inc. operates as a real estate investment trust. It invests in hybrid adjustable rate, adjustable rate home loans as well as unsecured notes and bonds issued by GSEs, U.S. Treasuries and money market instruments. The company also invests in residential mortgage backed... More
Sector: Financial
Industry: REIT - Residential
Country: United States