(Annaly Capital(NLY - Get Report), Crexus(CXS) report updated with recent broker action on Annaly Capital.)
NEW YORK ( TheStreet) -- Crexus Investment (CXS), in which Annaly Capital Management (NLY - Get Report) is a 25% owner, rejected an acquisition bid from Starwood Property Trust (STWD - Get Report) and priced a secondary offering at a steep discount.
(BCS). But Crexus rejected Starwood's bid and then late Monday Crexus announced it had priced the underwritten public offering of 50 million shares at $11.50 per share, hoping to raise gross proceeds of around $575 million. Underwriters were granted the option to purchase up to an additional 7.5 million shares to cover over-allotments. Concurrent with the offering, Annaly Capital, the parent company of Crexus' external manager, Fixed Income Discount Advisory, will acquire 5 million shares of Crexus in a private placement at the same price per share. Both offerings are expected to close on or around April 1.