Armour Residential REIT Inc. of Vero Beach, Florida recently announced that it has purchased Maryland-based Javelin Mortgage Investment Corp. in an $85.2-million transaction involving a second-step merger.
The deal was facilitated by Lazard Frères and Co. LLC as financial advisor with Akerman LLP acting as legal counsel to Armours. Javelin was advised by JMP Securities LLC with Duane Morris LLP and Venable LLP serving as legal counsel to Javelin’s Special Committee and Wachtell, Lipton, Rosen & Katz acting as legal counsel to Javelin.
The changeover was expedited by the fact that Maryland state law did not obligate the acquisition to be approved by Javelin shareholders.
Javelin is now a wholly owned subsidiary of Armour, and its common stock will no longer be traded on the New York Stock Exchange (NYSE). Shareholders of Javelin common stock managed through a bank or broker do not need to take any action to have their shares converted into cash, while stock certificate holders can convert their holdings for cash via Continental Stock Transfer & Trust Company.
Armour Residential REIT (ARR) maintains headquarters in New York City and is incorporated in Maryland. The company invests mainly in residential mortgage backed securities with a variety of rate terms and types. Its investment advisory arm, Armour Capital Management LP, is registered with the U.S. Securities and Exchange Commission (SEC).