Boston, MA 09/17/2014 (wallstreetpr) – Glimcher Realty Trust (NYSE:GRT) is all set to be taken over by a Maryland based investment company dealing in real estate, Washington Prime Group Inc (NYSE:WPG). GRT’s worth has been set at $4.3 billion.
The GRT Deal
The entire deal is ought to be panned out as WPG conveyed that it shall purchase the GRT shares at a price of $14.20 for each share. Moreover, WPG shall also inherit the debt that is imposed upon Glimcher Realty Trust (NYSE:GRT) at present.
New Plans On The Cards
After the acquisition, the company may be named to WP Glimcher, and set up its head quarters at Continental Plaza, near the common din at 180 E, Broad Street. Moreover, the company is deemed to stay publicly traded.
Larger Portfolio
The newly formed company shall have a net portfolio comprising 119 retail properties, across a rentable area of around 58 million square feet. Thus, the company shall now have a bigger and better portfiolio at their disposal; hence, options and chances of veritable rewards are far more pronounced.
Among the executives, the esteemed CEO of Glimcher Realty Trust (NYSE:GRT) – Michael Glimcher shall head WP Glimcher as the Chief Executive. Mark Ordan, WPG’s CEO, shall be the Executive Chairman, and address the concerns and grievances from the top notch office!
Importance Of The Acquisition
After the announcement of the strategic merger, the CEO Glimcher conjectured in a press release that he believes that this strategic merger shall be of great respite and help to the myriad of shareholders. The associates shall also be on a better front and reap immediate results shortly. He further added that with a larger worth of assets at hand, WP Glimcher shall gain augmented, competitive advantage over many other real estate firms.
Into The Future
The stage is thus set for proving best results, viz. acquire a larger customer base, invest profoundly on marketing and advertising, and use the arena or platform to excel, with no dimunitive thoughts emerging as obstacles in the way! Revenues and profits are all set to ameliorate, stakeholders shall be at the gainers’ end, and WP Glimcher is ought to prosper untamed!
