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Armour Residential: Armour Completes $85.2 Million Cash Acquisition Of Javelin

The following excerpt is from the company's SEC filing.

ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA and ARR PrB) (ARMOUR) and JAVELIN Mortgage Investment Corp. (NYSE: JMI) (JAVELIN) today announced that ARMOUR has completed its $85.2 million cash acquisition of JAVELIN through a second-step merger (the Merger). At the effective time of the Merger, all of the remaining outstanding shares of JAVELIN common stock not purchased by ARMOUR in the previously announced cash tender offer (the Tender Offer) were converted into the right to receive the same $7.18 per share cash price as in the Tender Offer. The aggregate cost of acquiring the tendered shares in the Tender Offer was approximately $48.7 million and the aggregate cost of the remaining shares to be purchased as a result of the Merger is approximately $36.5 million. Maryland law did not require that the Merger be approved by the JAVELIN stockholders. Upon consummation of the Merger, JAVELIN became a wholly-owned subsidiary of ARMOUR. As a result of the completion of the Merger, it is anticipated that the shares of JAVELIN common stock will cease to be traded on The New York Stock Exchange before the open of market on April 7, 2016.

JAVELIN stockholders who hold shares of JAVELIN common stock through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker. JAVELIN stockholders who hold stock certificates can surrender their certificates for $7.18 per share in cash, without interest and less any applicable withholding taxes, through the Paying Agent for the Merger, Continental Stock Transfer & Trust Company.

Lazard Frères and Co...


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