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Washington Prime buying Glimcher Realty in $4.3B deal

Sep. 16, 2014 8:53 AM ETWashington Prime Group Inc. (WPGGQ) StockBy: Stephen Alpher, SA News Editor1 Comment
  • The cash and stock deal currently values Glimcher Realty Trust (GRT) at $14.20 per share (vs. last night's close of $10.59). Glimcher owners will receive $10.40 in cash and 0.1989 of a share of Washington Prime (WPG) for each share of GRT they own.
  • The merged company - to be named WP Glimcher - will have a portfolio of 119 properties and 68M square feet of gross leasable space.
  • Alongside this deal, Simon Property Group (SPG) - which just spun off Washington Prime - will buy Glimcher's Jersey Gardens in Elizabeth, NJ and University Park in Ft. Worth, TX for $1.09B in cash.
  • The purchase is expected to be accretive to WPG's normalized FFO per share, and the current annualized payout of $1 per share should be maintained.
  • Current Washington Prime CEO Mark Ordan will become Executive Chairman of the combined company, and current Glimcher CEO Michael Glimcher will be the new company's Vice Chairman and CEO.
  • The deal is expected to close early next year and WP Glimcher will trade on the NYSE under the ticker symbol WPG.
  • Conference call at 10 ET
  • Source: Press Release
  • GRT +31.2% to $13.90 premarket

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WPGGQ--
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