Kite Realty Group Trust, an operator of community shopping centers, said it would purchase Inland Diversified Real Estate Trust Inc for about $1.2 billion in stock.Kite said the deal would allow it to enter markets including Westchester, New York; Bayonne, New Jersey; Las Vegas; Virginia Beach, Virginia and Salt Lake City, Utah.Inland shareholders will receive 1.707 of Kite shares, or $10.50, for each Inland share held, based on Kite's stock price being equal to or less than $6.36.Kite's shares closed at $6.15 on Friday on the New York Stock Exchange.
Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged in the development, construction, acquisition, ownership, and operation of neighborhood and community shopping centers in selected markets in the United States. Shares of KRG traded higher by 0.82% or $0.05/share to $6.15. In the past year, the shares have traded as low as $5.27 and as high as $6.91. On average, 842069 shares of KRG exchange hands on a given day and today's volume is recorded at 686711.
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