Brief: AG Mortgage Investment Trust And Western Asset Mortgage Capital Announce Definitive Merger Agreement

Western Asset Mortgage Capital

08/08/2023 23:27

Aug 8 (Reuters) - AG Mortgage Investment Trust Inc
 MITT.N :
    * AG MORTGAGE INVESTMENT TRUST AND WESTERN ASSET MORTGAGE
CAPITAL
CORPORATION ANNOUNCE DEFINITIVE MERGER AGREEMENT
    * AG MORTGAGE INVESTMENT TRUST INC -  WESTERN ASSET MORTGAGE
CAPITAL STOCKHOLDERS TO RECEIVE CASH CONSIDERATION AS PART OF
MERGER
    * AG MORTGAGE INVESTMENT TRUST INC - TRANSACTION EXPECTED TO
DRIVE
EARNINGS ACCRETION AND LONG-TERM GROWTH
    * AG MORTGAGE INVESTMENT TRUST: WILL ACQUIRE WESTERN ASSET
MORTGAGE CAPITAL CORP WMC IN A FIXED EXCHANGE RATIO STOCK/CASH
TRANSACTION.
    * AG MORTGAGE INVESTMENT TRUST: WMC HAS TERMINATED ITS
PREVIOUSLY
ANNOUNCED ACQUISITION AGREEMENT WITH TERRA PROPERTY TRUST
    * AG MORTGAGE INVESTMENT TRUST: EACH SHARE OF WMC COMMON
STOCK TO
BE CONVERTED INTO RIGHT TO RECEIVE 1.5 SHARES OF MITT COMMON
STOCK FOR TOTAL OF 9.2 MILLION SHARES
    * AG MORTGAGE INVESTMENT TRUST INC - UPON CLOSING OF
TRANSACTION,
CO'S STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 69% OF
COMBINED COMPANY'S STOCK
    * AG MORTGAGE INVESTMENT TRUST INC - UPON CLOSING,  WMC
STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 31% OF COMBINED
COMPANY'S STOCK
    * AG MORTGAGE INVESTMENT TRUST: UPON COMPLETION, CO'S
PRESIDENT
AND CEO, T.J. DURKIN, WILL SERVE AS CEO OF COMBINED COMPANY
    * AG MORTGAGE INVESTMENT TRUST: TRANSACTION HAS BEEN
UNANIMOUSLY
APPROVED BY BOARDS OF DIRECTORS OF MITT AND WMC AND EXTERNAL
MANAGERS OF MITT AND WMC

Source text for Eikon:  ID:nBw20Cw3ra 
Further company coverage:  MITT.N 

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