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Article: American Home Mortgage to acquire Apex Mortgage Capital.(Business Alert)
- Article from:
- Mortgage Banking
- Article date:
- September 1, 2003
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Copyright informationCOPYRIGHT 2003 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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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