Article: American Home Mortgage to acquire Apex Mortgage Capital.(Business Alert)

MELVILLE, NEW YORK-BASED AMERICAN Home Mortgage Inc. has signed a definitive agreement to acquire Los Angeles-based Apex Mortgage Capital Inc., a financial company structured as a real estate investment trust (REIT). The purchase price is based upon a floating exchange ratio, which is a function of Apex's book value and American Home's stock price at a time near the closing date.

Based upon the most recently available information, the exchange ratio would result in Apex shareholders receiving shares of American Home valued at approximately $186 million, or $6.21 per outstanding Apex share, representing an implied premium to Apex shareholders of 11.3 percent. The ...

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