- 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