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Opalesque Exclusive: Capitol Acquisition Corp and Two Harbors Investment Corp to merge
From the Opalesque Team: Capitol Acquisition Corp, a public investment vehicle, Pine River Capital Management L.P., a multi-strategy asset management firm with over $800m in assets under management, and Two Harbors Investment Corp, a newly organized real estate investment trust (REIT), has announced that they have signed an agreement and plan of merger pursuant to which Capitol will be acquired by Two Harbors.
Two Harbors intends to focus on residential mortgage backed securities and will be externally managed by PRCM Advisers LLC, a subsidiary of Pine River Capital Management L.P. The transaction is expected to be completed by the end of the third quarter of 2009, pending approval by Capitol's stockholders and warrant holders and subject to certain closing conditions, including the amendment of Capitol's charter to remove certain provisions customarily contained in the charters of special purpose acquisition companies, in order to permit the merger.
"We believe Two Harbors represents a compelling opportunity for investors to capitalize on historically unprecedented values in the $11tln U.S. mortgage market," said Mark Ein,
Chairman and Chief Executive Officer of Capitol who will become Vice Chairman of Two Harbors upon completion of the transaction. "We are excited to partner with Pine River and their veteran team with a proven track record of investing in residen...................... To view our full article Click here
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