American Home Mortgage Agrees to Acquire Apex

American Home Mortgage Inc. said Monday that it had agreed to acquire Apex Mortgage Capital Inc. of Los Angeles.

Apex is a financial company structured as a real estate investment trust. The company primarily acquires U.S. agency securities, other mortgage securities, mortgage loans, equity securities and other investments.

Under the acquisition agreement, Apex shareholders would receive shares of American Home valued at about $186 million, or $6.21 per Apex share outstanding, a premium of 11.3%, Melville, N.Y.-based American Home said.

American Home added that, in connection with the closing of the merger, the mortgage lender would reorganize and elect to be taxed as a REIT with a wholly owned taxable subsidiary that would include its existing mortgage origination and servicing businesses.

The transaction is expected to close about Sept. 30.

Shares of American Home closed up $1.38 at $22.57 on Nasdaq. Apex shares closed up 42 cents at $6 on the American Stock Exchange.