Imperial Credit Industries said Thursday that it is proposing to pay $280 million to take control of Imperial Credit Commercial Mortgage Investment Corp., a real estate investment trust it manages.

Imperial Credit Industries, which already owns 10% of the trust and sponsored it when it went public in October 1997, would pay $11 per share- an 11% premium over the closing price Wednesday. Shares had traded as low $6.50 in October after the downturn in the asset-backed securities market.

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