Western Asset Mortgage Board Determines That AG Mortgage Investment Trust's Proposal Is Superior To Terra Property Trust Merger Agreement
Portfolio Pulse from Benzinga Newsdesk
Western Asset Mortgage Capital Corporation's (WMC) board has determined that AG Mortgage Investment Trust's (MITT) proposal is superior to the Terra Property Trust merger agreement. Under MITT's proposal, each WMC common stock would be converted into 1.468 shares of MITT common stock and a cash payment from MITT's external manager. The manager would also waive $2.4 million of management fees in the first year post-closing.
July 28, 2023 | 5:55 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
MITT's merger proposal has been approved by WMC's board, which could lead to an increase in MITT's common stock.
The approval of MITT's proposal by WMC's board could lead to a positive impact on MITT's stock in the short term as it could result in an increase in MITT's common stock due to the conversion of WMC's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
WMC's board has approved MITT's merger proposal, which could lead to a conversion of WMC's common stock into MITT's common stock and a cash payment.
The approval of MITT's proposal by WMC's board could lead to a positive impact on WMC's stock in the short term as shareholders could benefit from the conversion into MITT's stock and a cash payment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100