Annaly Capital Management, Inc. (NLY), through a newly formed subsidiary, CXS Acquisition Corp., has commenced an offer to buy CreXus Investment Corp.'s (CXS) shares that Annaly does not already own for a price of $13.00 per share plus a sum approximating a prorated portion of the dividend the tendering stockholder would have received with regard to the quarter during which the offer expires, in cash net to the seller, but subject to any required withholding tax. The offer would expire at 5:00 p.m. New York City time on April 16, 2013, unless it is extended.
CreXus' board unanimously determined to recommend that the CreXus stockholders, other than Annaly and its units, tender their shares in response to the offer. Further, CreXus has declared a dividend of $0.25 per share for the 2013 first quarter, payable to holders of record on March 28, 2013. Hence, if the offer's expiration date occurs in the second quarter of 2013, the payment in lieu of a dividend would be $0.002740 for each day between March 29, 2013, and the expiration date of the offer.
Separately, Annaly Capital announced the appointment of John Schaefer as a board member.
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