Login or Join
 Learn then Earn
stockMarketNEWS

 story : Kimco Realty, Weingarten Realty to merge in a deal valuing Weingarten at nearly billion #FinanceUSA #StockMarketNEWS Kimco Realty Corp. announced Thursday an agreement to buy Weingarten Realty

@stockMarketNEWS Thu 15 Apr, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Kimco Realty, Weingarten Realty to merge in a deal valuing Weingarten at nearly billion #FinanceUSA #StockMarketNEWS
Kimco Realty Corp. announced Thursday an agreement to buy Weingarten Realty Investors in a cash and stock deal that values the owner of grocery-anchored shopping centers at about .9 billion. Kimco's stock was up 0.2% in premarket trading and Weingarten shares are still inactive. Under terms of the deal, each Weingarten share will be exchanged for 1.408 new Kimco shares and .89 in cash. Based on Wednesday's closing prices, that values Weingarten's stock at .31 each, a 10.9% premium. After closing, which is expected to occur during the second half of 2021, Kimco shareholders are expected to own 71% of the combined company. "This combination reflects our conviction in the grocery-anchored shopping center category, which has performed well throughout the pandemic and provides last mile locations that are more valuable than ever due to their hybrid role as both shopping destinations and omnichannel fulfillment epicenters," said Kimco Chief Executive Conor Flynn. Year to date, Kimco's stock has run up 29.8% and Weingarten's stock has climbed 26.2%, while the SPDR Real Estate Select Sector ETF has advanced 11.0% and the S&P 500 has gained 9.8%.


Munafa USA Munafa India Munafa NSE


Report

Login to follow story

More posts by @stockMarketNEWS

Munafa ebook, learn stock market trading

0 Comments

Sorted by latest first Latest Oldest Best

Daily analysis, news, Munafa stocks list in email:

Back to top | Use Dark Theme