Arlington Asset Investment Corp. Shareholders Approve Merger With Ellington Financial Inc.
Portfolio Pulse from Benzinga Newsdesk
Arlington Asset Investment Corp. (AAIC) shareholders have overwhelmingly approved a merger with Ellington Financial Inc. (EFC). The merger agreement details the exchange of Arlington common stock for Ellington Financial common stock and cash, as well as the conversion of Arlington preferred stock into Ellington Financial preferred stock. The merger is expected to close on December 14, 2023, pending the satisfaction of remaining conditions.
December 12, 2023 | 9:31 pm
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AAIC shareholders have approved a merger with EFC, with each AAIC share to be converted into EFC stock and cash. The merger is expected to close on December 14, 2023.
The approval of the merger by AAIC shareholders is a significant step towards the completion of the merger, indicating a high likelihood of the merger proceeding as planned. This is likely to be viewed positively by investors, as mergers can lead to synergies and improved financial performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
EFC is set to merge with AAIC, with the merger expected to close on December 14, 2023. EFC will issue new common and preferred stock as part of the merger agreement.
Ellington Financial's role as the acquiring company in the merger with AAIC, which has been approved by AAIC shareholders, is likely to have a positive impact on EFC's stock in the short term. The issuance of new stock is a significant event, and the successful merger could lead to potential growth and value creation for EFC shareholders.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100