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Exhibit (a)(11)
FOR RELEASE
Contact:
Lilly H. Donohue
Vice President, Fortress
212-798-6118
FORTRESS INCREASES PURCHASE PRICE AND FURTHER EXTENDS
EXPIRATION DATE OF ITS TENDER OFFER FOR SHARES
OF CAPSTEAD MORTGAGE CORPORATION
NEW YORK, JUNE 12, 2000 - Fortress Investment Fund LLC (together with its
affiliates, "Fortress") announced today that it has increased the purchase price
per share and extended its cash tender offer for up to 5,000,000 shares of
common stock of Capstead Mortgage Corporation ("Capstead"; NYSE: CMO). The
purchase price has been increased from $8.00 to $9.00 per share, net to the
seller in cash. The tender offer, as extended, will expire at 12:01 a.m., New
York City time, on July 1, 2000, unless Fortress extends the tender offer
further. All Capstead stockholders who tender shares, including shares tendered
during the initial offering period, will receive the $9.00 per share, net to the
seller in cash.
As of the close of business on June 9, 2000, 743,768 shares of Capstead
stock had been validly tendered, including guaranteed deliveries.
Fortress has been advised that the Capstead Board of Directors
continues to make no recommendation with respect to the offer.
All terms and conditions of the tender offer as described in the Offer
to Purchase dated May 12, 2000 and the related Letter of Transmittal continue to
apply to the tender offer as amended and extended. Shareholders should read
those materials carefully prior to making any decisions with respect to the
tender offer.
Copies of the Offer to Purchase, the Letter of Transmittal and related
tender offer documents can be obtained for free by calling the Information
Agent, Corporate Investor Communications, Inc., toll free at 888-562-9323.
Shareholders also can obtain the Offer to Purchase, the Letter of Transmittal
and related materials for free at the SEC's website at www.sec.gov.
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any shares. The
solicitation of offers to buy common stock is only being made pursuant to the
tender offer documents, including the Offer to Purchase and the related Letter
of Transmittal, which were previously sent to shareholders and filed with the
Securities and Exchange Commission.
Merrill Lynch & Co. is acting as Dealer-Manager for this tender offer.
Fortress is a real estate opportunity fund located in New York with
over $870 million private equity capital. Fortress focuses on real
estate-related investments worldwide.
