Western Asset Mortgage Capital Says Unsolicited Proposal From AG Mortgage Investment Trust Is Reasonably Expected To Lead To "Parent Superior Proposal"

On July 13, 2023, WMC received a non-binding proposal from MITT to acquire WMC. As a result of the WMC board's determination, WMC intends to engage in discussions with MITT regarding its proposal, in accordance with the terms of the merger agreement with TPT. Each outstanding share of WMC common stock would be converted into the right to receive (i) 1.468 shares of MITT common stock and (ii) the per share portion of an aggregate cash payment from MITT's external manager equal to the lesser of $7.0 million or approximately 9.9% of the aggregate per share merger consideration.