CreXus Rejects Starwood Bid, Eyes $575M Offering

Law360, New York (March 28, 2011, 8:19 PM EDT) -- CreXus Investment Corp. rejected a buyout offer from Starwood Property Trust Inc. and forged ahead on Monday with a public offering geared at raising roughly $575 million to acquire commercial real estate assets from an affiliate of Barclays Bank PLC.

The board of CreXus decided to proceed with the public offering, jilting Starwood’s bid to create the largest U.S. commercial real estate trust by buying all the CreXus outstanding shares at $14 per share, roughly 23 percent more than the $11.50 offering price, according to press...
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