Why Shares of Liberty Property Trust Are Climbing Today
Shares of Liberty Property Trust (NYSE: LPT) rose more than 15% on Monday after the industrial REIT agreed to be acquired by Prologis (NYSE: PLD) in a $12.6 billion deal. The deal values Liberty Property within range of the $60-per-share price that activist Land & Buildings Investment Management suggested the company could be sold for back in September.
Prologis, one of the world's largest owners of warehouse properties, announced before markets opened on Monday that it had agreed to exchange 0.675 of its shares for each share of Liberty. The combination would create a warehousing and logistics leader, according to the companies, and deepen Prologis' presence in Pennsylvania, Chicago, Houston, and Southern California.
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Source Fool.com
