Western Asset Mortgage welcomes merger talks with AG Mortgage | Mortgage specialist business deal may lead to superior proposal for all-share merger offer from Terra Property Western Asset Mortgage Capital (WMC) is considering a counter-offer from AG Mortgage Investment Trust after agreeing to merge with Terra Property Trust in an all-share deal. WMC said Tuesday that its board of directors discussed with financial and legal advisors the upside of AG Mortgage’s unsolicited takeover bid for WMC. The Board has argued that the offer is “reasonably expected” to result in a superior offer for the merger agreement between WMC and Terra Property Trust (TPT). AG Mortgage last week made a counter-offer to acquire WMC for an implied price of $9.88 per share, consisting of a share price of $8.90 per share and a cash consideration of $0.98 per share. Read More: AG Mortgage Investment Trust Makes Offers to Acquire Western Asset Mortgage “As a result of the decision of the WMC Board of Directors, WMC intends to enter into discussions with MITT regarding its proposal, subject to the terms of the merger agreement with TPT,” WMC said in its press release. WMC said the all-share merger deal with TPT remains “in full force and effect,” and there is no guarantee that talks with AG will result in a deal. Under the terms of the agreement, Terra has the right to match the principal’s bid. Want to keep up with the latest mortgage news? Get exclusive interviews, breaking news, and industry happenings in your inbox, and always be the first to know by signing up for our free daily newsletter. Free e-newsletter The daily newsletter is free and keeps you updated on the world of mortgage. Please complete the form below and click “Sign Up” to receive daily e-newsletters from Mortgage Professional. Free e-newsletter The daily newsletter is free and keeps you updated on the world of mortgage.