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Arlington Asset Investment Corp (NYSE:AAIC) shares are trading higher Tuesday after Ellington Financial announced plans to acquire the company.
What To Know: The pair of real estate trust companies entered into a definitive merger agreement in which Ellington Financial will acquire Arlington. Arlington shareholders will receive 0.3619 shares of Ellington for each share held, plus 9 cents per share in cash, which implies a total offer price of $4.77 per Arlington share.
Upon closing, Ellington shareholders are expected to own approximately 85% of the combined company and Arlington shareholders are expected to own approximately 15%. Additionally, Ellington will assume Arlington's outstanding preferred equity, senior unsecured notes and trust preferred securities.
Following the announcement, JonesTrading analyst Jason Stewart reiterated Arlington with a Buy rating and a price target of $5.50.
Arlington is a real estate investment trust that invests primarily in mortgage-related and other assets.
AAIC Price Action: Arlington shares were up 52.4% at $4.19 at the time of publication, according to Benzinga Pro.
Photo: Pexels from Pixabay.
Posted In: AAIC
