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Tuesday, September 16, 2014

Washington Prime to purchase Glimcher Realty in deal valued at $4.3 bln, (NYSE: GRT)

Washington Prime Group, a retail real estate investment trust, said it would purchase Glimcher Realty Trust in a cash-and-stock deal valued at about $4.3 billion, including debt. Washington Prime's said its offer was valued at $14.20 per share, representing a premium of 34 percent to Glimcher's Monday's close.

Glimcher Realty Trust (GRT), is an integrated, self-administered and self-managed Maryland REIT which was formed on September 1, 1993 to continue the business of The Glimcher Company and its affiliates, of owning, leasing, acquiring, developing and operating a portfolio of retail properties consisting of regional and super regional malls, and community shopping centers. Shares of GRT fell by 0.19% or $-0.02/share to $10.59. In the past year, the shares have traded as low as $8.38 and as high as $11.39. On average, 1128190 shares of GRT exchange hands on a given day and today's volume is recorded at 1442196.