WP Glimcher/Kite Realty Merger Talks Send Stocks Soaring
It’s fair to say investors are excited about the prospect of a merger between WP Glimcher and Kite Realty—the former’s stock soared more than 8% after news of a possible deal broke.
But don’t get too ahead of yourself—Reuters reported Wednesday the companies have “significant issues” they need to resolve before reaching a deal. WP Glimcher is based in Ohio and has a market value of $2.1B, while Kite Realty has a $2.3B market value and is headquartered in Indianapolis.
Both companies are shopping center landlords, and a merger would give the new entity greater scale and diversity, which may help them better alleviate pressure e-commerce is putting on traditional retailers. But before any of that, the two parties need to reach an agreement. [Reuters]
