WMC Poised to Terminate Merger Agreement with Terra Property Trust
Western Asset Mortgage Capital Corporation (WMC) said late Thursday that its board had determined that the unsolicited stock-and-cash proposal from AG Mortgage Investment Trust (MITT) to acquire WMC is superior proposal to the merger agreement with Terra Property Trust (TPT). MITT’s July 13 offer values WMC at about $300 million.
Pasadena-based WMC said it notified TPT that it intends to terminate their merger agreement unless WMC receives a revised proposal from TPT by 11:59 p.m. Eastern Time on August 3. The board’s determination followed “a thorough and rigorous review of the MITT proposal and the TPT merger agreement,” WMC said in a statement.
MITT’s unsolicited bid came in about two weeks after WMC and New York-based TPT announced that they would merge to form a credit-oriented REIT with approximately $1.2 billion in assets and $436 million of adjusted book value.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).