Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of commercial REIT Crexus Investment (NYSE: CXS) were up as much as 14% today thanks to a buyout offer from Annaly Capital (NYSE:NLY).

So what: Annaly, the biggest mortgage REIT in the industry and current owner of 12% of Crexus shares, made the offer to Crexus's board of directors for $12.50 a share, a 13% premium from Friday's closing price. Crexus is already managed by an Annaly subsidiary, Fixed Income Discount Advisory Company. The market also cheered the move on Annaly's behalf, sending its shares up as high 2% this morning, though the stock finished negative for the day.

Now what: Buyouts leading to spikes in share prices are pretty straightforward. Since Annaly offered to pay $12.50 for the outstanding shares, it's not surprising to see the stock hovering near that level. Annaly is a well-respected operator in the REIT industry, and the consolidation should strengthen its position. Later in the afternoon, the law firm Levi & Korsinsky announced an investigation into potential violations of fiduciary duty regarding the sale, so this story could be far from over. The claim alleges that the Crexus board failed to adequately look for another buyer.

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