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Broadmark Realty Capital Inc (NYSE:BRMK) shares are trading higher by 17.18% to $4.91 Monday morning after the company announced it would be acquired by Ready Capital in an all-stock deal.
What Else?
Under the terms of the merger agreement, each share of Broadmark common stock will be converted into 0.47233 shares of Ready Capital common stock, or a total of approximately 63 million shares of Ready Capital common stock.
The respective closing stock prices for Ready Capital and Broadmark on February 24, imply an offer price of $5.90 per Broadmark share, representing a 41% premium or approximately 0.85x tangible book value as of December 31, 2022.
See Also: Why Genprex Shares Are Getting Hammered Today
Based on the closing price of Ready Capital's common stock on February 24, the market capitalization of the combined company is approximately $2.2 billion.
According to data from Benzinga Pro, BRMK has a 52-week high of $8.91 and a 52-week low of $3.52.
Posted In: BRMK
