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Dynex Scraps Deal With San Diego-based California Investment Fund LLC

SAN DIEGO-A Virginia-based mortgage lender announced Friday that it has terminated a proposed $90-million cash merger with the firm that it agreed to buy on Nov 7.

By Randyl J. Drummer | Updated on January 28, 2001

SAN DIEGO-A Virginia-based mortgage lender announced Friday that it has terminated a proposed $90-million cash merger with locally based California Investment Fund LLC.

Glen Allen, VA-based Dynex Capital Inc. entered into the definitive agreement with California Investment, a San Diego-based private real estate firm, to buy a Virginia-based mortgage lender for $90 million in cash on Nov. 7. But Friday, Dynex announced it had exercised its right to bail out of the agreement.

In its brief announcement released Friday, Dynex Capital says only that it ended its agreement with California Investment “for failure to comply with certain terms of the agreement.”

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