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Crexus Investment Corp. Message Board

  • foreverwhiteroses foreverwhiteroses Nov 28, 2012 8:04 PM Flag

    2 Weeks Without Comment?

    CXS forms a Special Committee to formulate a response to NLY's offer and two weeks go by without a comment or opinion.... Seems kind of weird to me, especially when the offers not coming from any strangers.... Why the delay? Don't most companies have a response to an offer within days if not hours normally? It just makes me wonder..........

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    • Did I say 2 weeks??? I'm sorry, I meant 5 1/2 weeks.... Nov 29 Special Committee said, 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.

      Maybe I'm just a cynic, but it still seems to me that this is an inordinate amount of time for there to be no comment, Compared to other larger and higher profile mergers or offers to purchase, this seems suspiciously long.... No doubt my opinion is tainted by knowing there are many involved in this offer who also are OK having a sub not report quarterlies in 7 straight quarters....

    • This happens to be an unusual situation as annaly knows more about Crexus than the committee appointed to look at the deal as you can see below in the statement released by Crexus................
      "The Special Committee intends to retain independent advisors, including an independent financial advisor, to assist in its work."
      If the committee does a proper job in valuing the company they need to go over a lot of detail which takes a lot more time than 2 weeks. It will take as long as they need to at least give the appearance that they are looking out for shareholder interests. Could be tomorrow .....could be by years end, but no matter they won't make a decision until they have all the bases covered as the last thing they want is to get sued by the ambulance chasers that are chomping on the bit.