Engel Law PLLC is investigating whether fair value to Western Asset Mortgage Capital Corporation (NYSE: WMC) shareholders will result from the proposed acquisition of Western Asset by AG Mortgage Investment Trust, Inc. (NYSE: MITT), pursuant to which each share of WMC common stock will be converted at closing into the right to receive 1.5 shares of MITT common stock for a total of 9.2 million shares, pursuant to a fixed exchange ratio, subject to adjustment based on the companies’ respective transaction expenses, and a cash payment equal to approximately 9.99% of the aggregate per share merger consideration (not to exceed $7 million in total). Upon the closing of the transaction, MITT stockholders are expected to own approximately 69% of the combined company’s stock, while WMC stockholders are expected to own approximately 31% of the combined company’s stock.
The Firm’s investigation concerns:
(i) whether the Company’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction;
(ii) whether the merger consideration adequately compensates the Company’s shareholders; and
(iii) whether all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.