M&A · Financials · Real Estate Investment Trusts
Ready Capital Corp to acquire Anworth Mortgage Asset Corp
Announced Dec 7, 2020 · Closed Mar 19, 2021
Deal value$1.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$2.94 per share
Transaction
- Acquirer
- Ready Capital Corp (RC)
- Target
- Anworth Mortgage Asset Corp (ANH)
- Buyer type
- Strategic
- Offer price per share
- $2.94
- Enterprise value
- —
- Status
- Closed Mar 19, 2021
Deal protections
- Break fee (target pays)
- $20.3M · 2.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Wells Fargo
- To the target
- Credit Suisse
- Credit Suisse fee
- $5.0M
- Wells Fargo fee
- $3.5M
Sector context · Financials
- Comparable deals
- 3 in the prior 24 months
- Premium
- Sector median 61.0%
- EV / Adj. EBITDA
- —
- Break fee
- 2.0% vs. 2.9% sector median
Timeline
- AnnouncedDec 7, 2020
- Proxy filedFeb 9, 2021
- Definitive proxyFeb 9, 2021
- Shareholder voteMar 17, 2021
- ClosedMar 19, 2021
Valuation · fairness opinions
52-week trading rangeCredit Suisse$0.79$3.80
52-week trading rangeCredit Suisse$3.92$16.90
Discounted cash flowWells Fargo$0.43$0.57
Discounted cash flowWells Fargo$2.73$3.22
Discounted cash flowWells Fargo$2.64$3.06
Offer $2.94
Implied value per Anworth Mortgage Asset Corp share by analysis, from Credit Suisse and Wells Fargo.