Western Asset Mortgage Board Determines That AG Mortgage Investment Trust's Proposal Is Superior To Terra Property Trust Merger Agreement

Author: Benzinga Newsdesk | July 28, 2023 01:55am

Under the terms of MITT's proposal, each outstanding share of WMC common stock would be converted into the right to receive (i) 1.468 shares of MITT common stock pursuant to a fixed exchange ratio (subject to adjustment for transaction expenses) and (ii) the per share portion of a cash payment from MITT's external manager equal to the lesser of $7 million or approximately 9.9% of the aggregate per share merger consideration (any difference between $7 million and the 9.9% cap would be used to benefit the combined company post-closing by offsetting reimbursable expenses that would otherwise be payable to MITT's external manager). Additionally, MITT's external manager, which would be the manager of the combined company, would waive $2.4 million of management fees in the first year post-closing.

Posted In: MITT WMC