Great Ajax Corp rises on merger agreement with Ellington Financial

Ellington Financial

03/07/2023 12:26

** Shares of real estate co Great Ajax Corp  AJX.N  up 5.6%
at $6.47, before the bell
    ** Ellington Financial Inc  EFC.N  and co enter a definitive
merger agreement post which EFC will acquire co
    ** Under deal terms, each share of co's common stock will be
converted into 0.5308 share of EFC common stock
    ** About 84% of combined company's shares is expected to be
owned by shareholders of EFC, and 16% by shareholders of AJX;
EFC to also assume co's outstanding senior unsecured notes and
convertible senior notes
    ** AJX shares down ~16% YTD

    

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))