Annaly Capital Management Extends Exchange Offer to Acquire MTGE Investment

Annaly Capital Management (NLY) said pre-market Monday that it has extended its previously announced exchange offer to purchase all of the outstanding shares of MTGE Investment.

In the offer, MTGE stockholders may elect to receive, in exchange for each share of MTGE common stock they hold, $9.82 in cash and 0.9519 Annaly shares, or $19.65 in cash, or 1.9037 Annaly shares.

MTGE stockholders tendering into the offer and making an all cash election or an all stock election will be subject to proration so that 50% of the consideration in the offer will be paid in Annaly shares, and 50% of the consideration in the offer will be paid in cash.

The offer will expire at 7:00 am ET, on Sept. 7, unless further extended in accordance with the terms of the merger agreement dated May 2.

The offer has been extended to allow the parties to satisfy the remaining conditions to the completion of the offer, as set forth in the prospectus/offer to exchange, dated June 4.