ARES CAPITAL CORP (ARCC) Form 8-K — Oct 27, 2026
Ares Capital Corporation (ARCC) has entered into a definitive merger agreement, dated October 26, 2026, to acquire MidCap Financial Investment Corporation (MFIC), an Apollo-affiliated BDC. Each MFIC share will be converted into $1.21 in cash plus ARCC stock, totaling $10.88 per fully diluted share. The stock portion will be set via an exchange ratio based on ARCC's NAV and trading price shortly before closing, with consideration reduced by any post-signing tax dividends. MFIC shareholders holding more than 5% of shares, including Apollo affiliates, have signed voting agreements supporting the deal; no ARCC shareholder vote is required.
Key figures
- Deal Value Usd
- $10.88 per fully diluted MFIC share (total per-share merger consideration)
- Nav premium cap
- 104.5% of ARCC NAV
- Mfic termination fee
- $31,360,000
- Arcc shares outstanding
- 722194973
- Mfic shares outstanding
- 82372628
- Voting agreement shares
- 4281394
- Cash consideration per share
- $1.21
- Stock consideration per share
- $9.67
AI analysis
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