Why Arlington Asset Investment Corp Shares Are Soaring Today
Portfolio Pulse from Adam Eckert
Arlington Asset Investment Corp (NYSE:AAIC) shares are trading higher after Ellington Financial announced plans to acquire the company. Arlington shareholders will receive 0.3619 shares of Ellington for each share held, plus 9 cents per share in cash. Upon closing, Ellington shareholders will own 85% of the combined company, and Arlington shareholders will own 15%.
May 30, 2023 | 1:25 pm
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Arlington Asset Investment Corp's shares are trading higher after Ellington Financial announced plans to acquire the company, with Arlington shareholders receiving 0.3619 shares of Ellington and 9 cents cash per share.
The acquisition announcement by Ellington Financial has a direct impact on Arlington Asset Investment Corp's shares. The deal structure, which includes a combination of Ellington shares and cash, is favorable for Arlington shareholders, leading to a surge in AAIC's stock price in the short term.
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