California Investment Fund and Dynex Capital Sign Letter of Intent Regarding Acquisition of Dynex.Business Editors SAN DIEGO, CALIFORNIA--(BUSINESS WIRE)--October 3, 2000 California Investment Fund, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). ), a private real estate company headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , today announced that it has signed a letter of intent with Dynex Capital, Inc. (NYSE NYSE See: New York Stock Exchange : DX), a Virginia-based mortgage lending institution, with respect to CIF's proposed acquisition of 100% of the equity of Dynex for a purchase price of $90 million in cash. CIF currently owns 572,178 shares of the common stock of Dynex, approximately 5% of the outstanding shares. The letter of intent provides for a three-week period of exclusivity during which Dynex will not directly or indirectly engage in or facilitate discussions or negotiations with any third party concerning an alternative acquisition transaction. During this period, CIF will also use its best efforts to obtain necessary financing commitments on terms reasonably satisfactory to CIF to consummate the acquisition. Consummation of the proposed transaction is subject to execution of a definitive merger agreement and to a number of customary conditions. In connection with the execution of the letter of intent, CIF amended its Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. . Additional information regarding the letter of intent can be found in such amended Schedule 13D. California Investment Fund, LLC is a real estate investment company that is a subsidiary of First Commercial Corporation. First Commercial, a private real estate investment company based in San Diego, California, is focused on the acquisition of whole loans and whole loan portfolios secured by commercial real estate. Founded in 1993 by Michael and Richard Kelly, First Commercial Corporation specializes in the commercial real estate secondary market. Dynex Capital, Inc. is a financial services company that elects to be treated as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) for federal income tax purposes. |
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