WP Glimcher Inc.NYSE
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  • Mon, Jun. 13, 12:49 PM
    • Noting it's not company policy to comment on speculation, WP Glimcher (WPG -7.2%) nevertheless says it's not in talks involving a merger or any other strategic alternative with any third parties.
    • The stock shot higher last week on a report the company was in talks about a sale to Kite Realty Group (KRG +4.2%).
    | Mon, Jun. 13, 12:49 PM | 3 Comments
  • Thu, Jun. 9, 7:59 AM
    • WP Glimcher (NYSE:WPG) shot higher in late action yesterday on a report its in sale talks with Kite Realty Group (NYSE:KRG). Both are similarly sized, with KRG at a $2.3B market cap, and WPG at $2B.
    • Kite is no stranger to acquisitions, having purchased Inland Diversified Real Estate Trust in 2014 for $1.2B. WP Glimcher is the product of Washington Prime Group's $2B purchase of Glimcher Realty Trust last year. Washington Prime was spun out of Simon Property Group in 2014. These guys know how to keep their bankers happy.
    | Thu, Jun. 9, 7:59 AM | 1 Comment
  • Sep. 16, 2014, 8:53 AM
    • The cash and stock deal currently values Glimcher Realty Trust (NYSE: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 (NYSE: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 (NYSE: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
    • GRT +31.2% to $13.90 premarket
    | Sep. 16, 2014, 8:53 AM | 1 Comment