Special Committee of CreXus Investment Corp.'s Board of Directors Announces
Retention of Advisors
NEW YORK -- November 29, 2012
CreXus Investment Corp. (NYSE: CXS) today announced that the Special Committee
of its Board of Directors has retained Lazard as its independent financial
advisor and Goodwin Procter LLP as its independent legal counsel to assist the
Special Committee in its work. As CreXus previously announced on November 13,
2012, the Board of Directors formed a Special Committee of independent
directors to consider, among other things, a proposal from Annaly Capital
Management, Inc. (NYSE: NLY) to acquire all of the outstanding shares of
Common Stock of CreXus not currently owned by Annaly for $12.50 per share in
The Special Committee has not set a definitive timetable for its evaluation,
and no decisions have been made by the Special Committee with respect to
CreXus’ response to Annaly’s proposal. There can be no assurance that any
agreement will be executed or that Annaly’s proposal, or any other
transaction, will be approved or consummated. The Special Committee does not
intend to disclose developments regarding these matters until it has
determined that there is a need, if any, to update the market.
About CreXus Investment Corp.
CreXus acquires, manages and finances, directly or through its subsidiaries,
commercial mortgage loans and other commercial real estate debt, commercial
real property, commercial mortgage-backed securities and other commercial and
residential real estate-related assets. CreXus’ principal business objective
is to generate net income for distribution to investors from the spread
between the yields on its investments and the cost of borrowing to finance
their acquisition and secondarily to provide capital appreciation. CreXus is a
Maryland corporation that has elected to be taxed as a real estate investment
trust (“REIT”) and is externally managed by Fixed Income Discount Advisory
Company, a wholly owned subsidiary of Annaly Capital Management, Inc.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as “believe,”
“demonstrate,” “expect,” “estimate,” “anticipate,” “should” and “likely” and
similar expressions identify forward-looking statements. In addition,
statements that are not historical should also be considered forward-looking
statements. Readers are cautioned not to place undue reliance on those
forward-looking statements, which speak only as of the date the statement was
made. Forward-looking statements contained in this release may relate to, but
are not limited to, statements regarding the review by CreXus’ Special
Committee of independent directors of the Proposal, the timing of such review,
and the outcome of such review. Such forward-looking statements are based on
current expectations that involve a number of known and unknown risks,
uncertainties and other factors which may cause actual events to be materially
different from those expressed or implied by such forward-looking statements.
These factors include, but are not limited to, the risks detailed in CreXus’
filings with the Securities and Exchange Commission, including its most recent
filings on Form 10-K and Form 10-Q, or in information disclosed in public
conference calls, the date and time of which are released beforehand. CreXus
is under no obligation to (and expressly disclaims any such obligation to)
update any of the information in this press release if any forward-looking
statement later turns out to be inaccurate whether as a result of new
information, future events or otherwise. All subsequent written and oral
forward-looking statements concerning CreXus or matters attributable to CreXus
or any person acting on its behalf are expressly qualified in their entirety
by the cautionary statements above.
CreXus Investment Corp.
Investor Relations, 646-829-0159
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