Tue, Jul. 12, 7:27 AM
- A total of 70M Hatteras (NYSE:HTS) shares were properly tendered, representing 74.12% of the company's common stock.
- Those HTS owners who elected to receive the mixed consideration will get $5.55 in cash and 0.9894 shares of Annaly (NYSE:NLY). Those who wanted all cash will get $15.85 per share. Those who elected all-stock will get 1.5226 shares of NLY, subject to proration.
Wed, Jun. 15, 9:10 AM
- To review, Hatteras Financial (NYSE:HTS) owners can elect to receive for each share they own a) $5.55 in cash and 0.9894 shares of NLY, b) $15.85 in cash, or c) 1.5226 shares of NLY.
- Proration will assure about 65% of total consideration is paid in stock and 35% in cash.
- The offer is being extended to July 11 to allow the companies more time to obtain necessary regulatory approvals. They now anticipate receiving those by July 11.
- Source: Press Release
Mon, Apr. 11, 7:19 AM
- The $15.85 per share in cash and stock is an 11% premium to Friday's close, but still an 18% discount to December 31 book value, and a 15% discount to Hatteras' (NYSE:HTS) estimated book value as of Feb. 29.
- HTS owners can elect to receive all cash, $5.55 in cash and 0.9894 shares of Annaly (NYSE:NLY), or 1.5226 shares of Annaly. The offer is subject to proration such that about 35% of the consideration is in cash.
- The deal is expected to be accretive to Annaly book value this year even as the company is partly paying with stock trading at a discount to book (it is also buying a company trading at a discount). Annaly's Friday close of $10.40 is an 11.3% discount to Dec. 31 book.
- The purchase is expected to close by the end of Q3.
- A conference call is set for 9 ET.
- Source: Press Release
- Now read: What Is Driving Hatteras Financial?
- HTS is currently higher by 8.7% premarket to $15.49. Annaly is lower by 1% to $10.31.
Mon, Apr. 11, 6:32 AM
- Annaly Capital Management (NYSE:NLY) has announced a definitive merger agreement with Hatteras Financial (NYSE:HTS), which values the latter at $15.85 per share, or $1.5B.
- "With the acquisition of Hatteras, we significantly grow our diversified portfolio and broaden our investment options, further fortifying Annaly’s position as the market leading mortgage REIT," commented CEO Kevin Keyes.
- The transaction has been unanimously approved by the boards of both companies.
Hatteras Financial Corp. is an externally-managed mortgage real estate investment trust. It owns and manages a portfolio of residential mortgage investments, primarily in residential mortgage securities with a focus on those secured by adjustable-rate mortgage loans on single-family residences.... More
Industry: REIT - Residential
Country: United States